OREANDA-NEWS. December 10, 2009. Kazkommertsbank has received 20 billion tenge from the State Fund of Distressed Assets to finance completion of residential construction of Kuat Corporation in Almaty, reported the press-centre of Kazkommertsbank.

The funds are placed with Kazkommertsbank as a deposit.

The Bank and the Fund of Distressed Assets will control and monitor the use of proceeds.

About Kazkommertsbank
Kazkommertsbank (KKB) is one of the largest banks in Kazakhstan and Central Asia with total assets of KZT 2,787.1 billion (US 18.5 billion equivalent) at 30 September 2009.

In addition to its core banking business (retail and corporate) KKB has subsidiaries active in pension fund management, asset management, insurance and brokerage. KKB also has foreign subsidiaries in the Russian Federation, Kyrgyzstan and Tajikistan.

Major shareholders of Kazkommertsbank include Central Asian Investment Company and Chairman of the Board Mr. Nurzhan Subkhanberdin, Alnair Capital Holding, the Kazakh Government through the Samruk-Kazyna National Welfare Fund and the European Bank for Reconstruction and Development.

KKB’s predecessor, Medeu Bank, was founded in July 1990, and re-registered as Kazkommertsbank in October 1991. KKB completed an IPO in GDR form on the London Stock Exchange in November 2006, the first CIS bank to do so, in a deal totalling \\$845 million. The Bank’s shares are listed on the Kazakhstan Stock Exchange.