Today, the subsidiary company of JSC 'Nurbank', NurFinance B.V., has repaid a syndicated loan of $135 million.
This loan was provided to JSC 'Nurbank' by a syndicate of foreign banks in October 2005 for a period of 12 months. The bank was also given an option to extend the loan for another 12 months. The initial loan amount was $100 million. In October 2006, it was extended for the next term. The organizers of the loan were ING Bank N.V. (Netherlands) and Citigroup (USA).
The repayment of obligations to foreign creditors did not cause difficulties for the bank; moreover, JSC 'Nurbank' is currently a net creditor in the interbank borrowing market of Kazakhstan. This is a result of the measures taken by the bank to improve its liquidity position, as well as adequate management of the bank's assets and liabilities. According to Arystanbek Kurmangaliyev, Deputy Chairman of the Board overseeing the international block, 'JSC 'Nurbank' has practically confirmed the ability of the Kazakh banking sector to fully and timely meet all its obligations to foreign investors.'