|
|
 |
 |
| This Summary of Project Information is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. |
Summary of Project Information (SPI) |
| |
| Project number | 11574 |
| Project name | ABN-AMRO Bank Kazakhstan Ltd. II |
| Country | Kazakhstan |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | ABN-AMRO Bank Kazakhstan |
| Environmental category | FI |
| Date SPI disclosed | July 18, 2002 |
| Projected board date | August 30, 2002 |
| Status | Completed |
| Previous Events | Invested: April 23, 2003
Signed: April 23, 2003
Approved: August 24, 2002 |
|
| Project sponsor and major shareholders of project company |
| ABN AMRO Bank Kazakhstan (ABNK or the bank) , the first commercial banking joint venture with an international partner, was incorporated in Kazakhstan in 1994 with IFC (20%), Kazkommertsbank (19%) and ABN Amro N.V. (51%) as shareholders. |
|
| Total project cost and proposed IFC investment |
| The proposed IFC investment involves the extension of a tier-II capital subordinated loan to ABNK of US$10 million for IFC's own account. |
|
| Location of project and description of site |
| ABNK's head office is located in Almaty, Kazakhstan. The bank has also one branch in Atyrau, Kazakhstan. |
|
| Description of company and purpose of project |
As of December 31, 2001, ABNK's total assets reached US$199 million equivalent. Equity was US$37 million equivalent, and corporate deposits were US$156 million equivalent. ABNK's main business focus is on companies, both international and domestic, in providing them with a range of products, such as loans, trade finance, retail, cash deposits, custody and advisory services. The bank has started to actively offer new derivative products and financial tools for clients in trading, such as swaps, (reverse) repurchase agreements, and forwards.
As the economy has stabilized and the leading Kazakh companies have matured, it is becoming increasingly competitive for banks to meet the necessary financing needs of medium size Kazakh companies. By providing tier-II capital support to an excellent Kazakh client, the proposed project would enable ABNK to provide necessary financing to quality local companies where single client exposure limits present a problem for the bank. Also, the proposed loan facility will help to address the existing limitations of the Kazakh banking sector in providing term financing to the growing Kazakh businesses. |
|
| Environmental and social issues - Category FI |
This is a category FI type 1 project under IFC's environmental review procedures. ABNK has agreed to develop and implement an IFC approved environmental management system (EMS) which will ensure that operations comply with the Government of Kazakhstan's applicable environmental, health and safety requirements. ABNK will nominate staff to develop and implement the EMS and have the staff attend necessary IFC environmental training. ABNK will also provide IFC with annual monitoring reports on performance.
|
|
|
| To contact the project company, please write to: |
Milana Gorshkova, Investment Officer
Email: MGorshkova@ifc.org |
|
|
|