Republic of Kazakhstan
In May 2010, there was a change in the shareholder structure, as a result of which, Ms. Sofya Sarsenova became the main shareholder of Nurbank, with shares of 69%. We continue to actively develop and strengthen our SME and Retail businesses.
We also are glad to inform you that at the end of December 2010, there was an injection into share capital of Nurbank in amount of USD 650 million. Thereby allowing Nurbank to take the fifth place among Kazakhstan Banks’ capital which now is on the level of KZT 129,6 bln. In terms of assets Nurbank currently takes ninth place (USD 1 947 mln as of 01.01.2011).
Nurbank takes eighth place on the expansion of branch network with 16 branches in large cities and 75 outlets across the country.
In November 2010, Nurbank repaid the eighth issue of debt obligations in local currency by its own resources and intends without involvement of refinancing or attraction of additional resources to repay its obligations, which includes local bonds at the amount of 4 bln KZT and Eurobonds of USD 150 mln, considerably thereby reducing the level of external debt. Currently, the level of external debt of the Bank is 8%, one of the lowest rates among banks in Kazakhstan.
On the 24th of January, the rating agency Standard and Poor’s confirmed long term and short term counterparty ratings on the level of B/C respectively, increasing the rating outlook from negative to stable, and was given a national scale rating of kzBB+.