JSC “Nurbank” redeemed the international syndicated loan
Today the subsidiary company of JSC "Nurbank" NurFinance B.V. has effected repayment of the syndicated loan in amount of $135 million.
This loan was granted by the foreign banks’ syndicate in October 2005 for a term of 12 months. Also the bank was granted an option for the loan prolongation for a term of next 12 months. Original amount of the loan was equal to $100 million. In October 2006 it was prolonged for the next term. The loan was organizedd by ING Bank N.V. (the Netherlands) and Citigroup (USA).
It was not difficult for the Bank to extinct the obligations before the foreign creditors, and at the present time JSC "Nurbank" is a net-creditor in the market of inter-bank loans of Kazakhstan. It was a result of the measures taken by the bank with regard to the improvement of its liquidity position and proper management of assets and obligations of the bank. According to Arystanbek Kurmangaliyev, the Deputy Chairman of the Board, responsible for the international department, "JSC "Nurbank" proved the ability of the Kazakh banking sector to perform its obligations before the foreign investors in full and on time".