Altyn Bank JSC (a subsidiary of China CITIC Bank Corporation Ltd in Kazakhstan) funded Qishloq Qurilish Bank (Uzbekistan) for $3 million under a syndicated loan, the authorized public organizer of which was a Russian public joint-stock company (PJSC) Transcapitalbank, Trend reports citing Forbes Kazakhstan.
The parties to the transaction, in addition to Altyn Bank, were 6 Russian financial institutions. The loan was provided to the borrower for a period of up to one year for general corporate purposes, as well as for financing trade contracts of the borrower's customers.
"This syndicated loan was the first in the history of the banking system of Uzbekistan, a country implementing large-scale economic reforms, and we hope that this debut transaction will usher in long-term cooperation with Uzbek and Russian partners," Deputy Chairman of the Board of Altyn Bank JSC Zhanara Aikimbaeva said.
Altyn Bank JSC (subsidiary bank of China CITIC Bank Corporation Limited), formerly a subsidiary bank of HSBC Bank Kazakhstan JSC, has been present in the banking market of Kazakhstan since 1998, it is a universal commercial bank with a wide range of products and services for corporate and retail customers.
The Bank's shareholders are: Halyk Bank of Kazakhstan JSC, China CITIC Bank Corporation Limited, as well as China Investment Company Shuangwei Limited Liability Company.
Uzbek JSCB "Qishloq Qurilish Bank" was formed in 1994. A significant part of the Bank's activities relates to fulfilling the role of a state agent in improving the living conditions of the rural population and financing construction work in rural areas, improving the development of industrial and social infrastructure in rural areas by issuing long-term mortgages to residents of these regions and providing universal banking services.
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