OREANDA-NEWS. May 19, 2008. Kazkommertsbank JSC (Almaty), being the listing company of Kazakhstan Stock Exchange (KASE), spread a press release, which says, reported the press-centre of KASE:

The president of Kazkommertsbank JSC Nina Zhusupova and vice president of Korean Export Insurance corporation (KEIC) Won Kuk Kan signed the agreement about collaboration on Thursday, which will give the start to development of close partnership relations.

Owing to KEIC participation, in schemes of financing and covering of risks of commercial banks of South Korea can provide long term financing for Kazakhstan infrastructure projects.

Besides, we can expect increasing of financing of export-import turnover operations of Kazkommertsbank`s clients; considering, that insurance products of KEIC are provided for covering of nonpayment risks on export credits, what allows to use more effectively credits lines of South Korean banks, opened for Kazkommertsbank.

With signing of mentioned agreement Kazkom plans to expand the base of credits and provide alternative offers on financing of foreign trade deals, supplementary to already existing lines to its corporate clients.

The president of Kazkommertsbank, N.A. Zhusupova marked that Kazkom long ago successfully work with clients, activity of whom is closely connected with Korean companies and also Korean financial institutes, which enter on Kazakhstan markets and invest in domestic projects, both as a financing management and as a payment agent service.

KEIC was founded in 1992 with the aim to support export from Korea and other types of activity, connected with conducting of business of Korean companies with foreign partners. The support is provided in the form of export insurance and guarantee for decreasing of politic and commercial risks, aroused in the process of such deals. KEIC is a state organization, which is under control and management of the Ministry of trades, industry and energy of Korea, what allows assisting state guarantee of financing projects. KEIC provide insurance to Korean exporters of nonpayment risks by foreign partners and also guarantee to banks, which conduct export financing.

Kazkommertsbank - is the major private financial institute in CIS (according to Interfax agency ranking) with assets, exceed \\$24 bn., according to audit data on January 1, 2008. At the end of 2006, Kazkommertsbank was the first among RK banks to make public offering of shares (IPO) on London Stock exchange. The bank remains the major creditor of actual sector of Kazakhstan economic. At the end of 2007, authorized international editing Global Finance admitted Kazkommertsbank the best Kazakhstan bank on exchange market according to results of annual poll for 2007.