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Bank TuranAlem and Mittal Steel SME Resource sign memorandum on cooperation

14.09.2006 / Press-service

"Mittal Steel SME Resources" PLC (subsidiary of JSC "Mittal Steel Temirtau") and JSC "Bank TuranAlem" signed termless Memorandum on cooperation, having decided to combine the efforts to increase the capital of SMEs from Karaganda region and to strengthen its influence on development of regional economy.

Partnership includes joint development and realization of financing programs for SMEs, businesses with associating activity and suppliers of JSC "Mittal Steel Temirtau" in the region and outside, creation of client-oriented environment for cooperation with JSC "Bank TuranAlem" and "Mittal Steel SME Resource" PLC, gathering and exchange of information on potential clients, monitoring of credit market, adaptation of specific products and services for customers' need.

The first project, developed under the Memorandum, proposes assistance for businessmen in crediting. "Mittal Steel SME Resource" PLC will act as a creditor and JSC "Bank TuranAlem" as a guarantee.

"Memorandum on cooperation between SME Resource and BTA will allow SME businessmen to obtain credits on favorable terms and to develop their business, thus proving BTA's intentions to increase the share of the real economy sector in credit portfolio", – says Genrig Kholodzinsky, Deputy Chairman of JSC "Bank TuranAlem", signing the document.

JSC "Bank TuranAlem" is the system-making bank of Kazakhstan and the leader in creating a banking network in the CIS countries. As of 1 August 2006, BTA's assets exceeded USD 10.5 bn, while its total capital exceeded USD 1.7 bn. Among Kazakhstan's second tier banks, JSC "Bank TuranAlem" confidently holds the leading position in trade financing, SME lending and mortgage loans.

"Mittal Steel SME Resource" PLC was founded in 2002 by direction of the President of Kazakhstan, for financing of subjects of Kazakhstan small-scale businesses on preferential terms. Priority borrowers of SME Resource are SMEs of Karaganda and Temirtau, supplying products and services to JSC "Mittal Steel Temirtau" as a part of import substitution program.