Almaty
On June 2, Nurbank, according to schedule, made the final repayment of a syndicated loan for a total of $133 million, attracted on May 2, 2006, and paid the accrued interest. The organizers of this loan were Deutsche Bank AG (Germany) and RaiffeisenZentralBank AG (Austria).
This syndicated loan was repaid by Nurbank using its own resources, without refinancing, which once again proved the financial institution's stability, as well as the resilience of Kazakhstan's banking sector as a whole.
Thus, as planned, by the end of the first half of 2008, Nurbank became the first among Kazakhstani banks to fully settle its external obligations in 2008. According to Daniyar Nurskenov, Managing Director of JSC Nurbank, the share of external debt in the form of syndicated loans and eurobonds in the total obligations decreased to an acceptable level—less than 20%—due to the growth of the client deposit base.
It should be noted that Nurbank has a single remaining eurobond issue of $150 million, maturing in 2011.
JSC Nurbank is among the top ten largest banks in the Republic of Kazakhstan. According to the bank's unaudited consolidated financial statements under IFRS as of April 1, 2008, the bank's assets amounted to 235.8 billion tenge, having increased by 19% since the beginning of the year. Client deposits as of early April reached 103.8 billion tenge, accounting for more than 50% of the obligations.