OREANDA-NEWS. August 16, 2011. KICB increased its Charter Capital by USD 7.5 million. Subscription for newly issued shares was completed and was approved by the State Commission on Regulation and Supervision of Financial Markets, reported the press-centre of KICB.

The new Charter Capital of the bank became USD 17.5 million which is the largest Charter Capital among Kyrgyz commercial banks.

“The decision to increase the Charter Capital shows strong commitment of KICB shareholders to the further development of KICB. Our plan is to become one of the few top-tiered banks in Kyrgyzstan which is consistently trusted by its customers. The Capital increase is an important milestone for the bank in realizing its strategic objectives and it also represents a significant contribution to the economic development of the Kyrgyz Republic”, said Mr. Kwang-Young Choi, CEO of KICB.

With the additional funds from the capital increase, KICB will continue investing in its banking infrastructure and product development, including IT, opening of new branches in the regions, broadening its ATM network and mobile banking. Newly injected capital will also allow the bank to enter into other financial areas such as plastic card processing, insurance and leasing business. 

By increasing the Charter Capital, KICB will be able to raise more credit lines from International Financial Institutions. Ever since the start of its operations in Kyrgyzstan, KICB has attracted more than USD 60 million through different types of credit lines. These funds are long and medium term facilities and have been channeled to the private sector of the Kyrgyz economy by investment loans and working capital loans.

KICB plans to increase its Charter Capital up to USD 25 million within 3 years and the current capital increase of USD 7.5 million is the first step in this direction.