Eurasian Bank and Kazyna Capital Management signed memorandum of cooperation
ASTANA, November 12, 2018, Press Release According to the document, the parties are interested in establishing long-term mutually beneficial cooperation aimed at implementing projects within the territory of the Republic of Kazakhstan in the fields of energy, engineering, infrastructure and industry.
The cooperation will bring about opportunities for customers of both institutions. For its part, Kazyna Capital Management can become a partner and enter the capital of companies that need additional funding for further modernization, expansion and development. Eurasian Bank is ready to lend to entrepreneurs in relation to which Kazyna Capital Management acts as a shareholder if they need additional funds for modernization, working capital and other business goals, or they want to re-finance expensive loans.
“The agreement will allow customers of both companies to access additional resources. Eurasian Bank has extensive experience working with entrepreneurs in various fields, so we can offer corporate clients not only financing, but also all settlement and cash services. Taking into account the experience gained, our financial institution can also help companies in advising on all financial decisions. Under these conditions, signing of the memorandum with Kazyna Capital Management will open up opportunities for Kazakhstani businessmen who need funds for their companies development”, commented Shukhrat Sadyrov, Deputy CEO of Eurasian Bank.
Over the years, Eurasian Bank has become one of the leaders in servicing corporate and SME sector, its services include comprehensive services from cash management to structuring long-term project financing transactions.
“Such synergy will enable potential and existing projects of Eurasian Bank and KCM to receive additional funding, both in the form of bank loans, and participation in capital. This will improve the conditions for implementation of projects, and bring up additional opportunities and resources for Kazakhstani businessmen to develop the business and increase the competitiveness ”, explained Aset Sagimbekov, Deputy Chairman of the KCM Management Board.
Aset Sagimbekov also reminded that such a state-private partnership will contribute to development of priority economy sectors, since the mandate of investing most of the funds belonging to the KCM is aimed at implementing state programs.
The parties hope that this cooperation will lead to successful development of projects in priority sectors of the country’s economy.
Info
Kazyna Capital Management is a private equity fund, created in 2007 to promote sustainable national economy development. The funds of the KCM family provide capital to companies in various economy sectors with the aim of further growth and increasing competitiveness. Kazyna Capital Management together with international institutional investors effectively manage 13 private equity funds, the total capitalization of which amounts to $ 2.4 billion. KCM is included in the structure of the Baiterek National Management Holding.
Eurasian Bank is one of the socially important commercial banks of Kazakhstan with a 24-year history of development. The financial institution occupies a leading position in the retail banking business and provides a wide range of services to corporate and SME clients. On 4 September 2017, the Board of Directors adopted the development strategy of the financial institution until 2022, with a focus on retail business development. Eurasian Bank belongs to the owners of ERG, a large diversified company – Aleksandr Mashkevich, Alidzhan Ibragimov and Patokh Shodiev.
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