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Bankers Discussing the Role of International Capital Market in Development of CIS Countries Economies

27.09.2006 / Press-service

Today VII Almaty Inter-banking Conference was opened. Its theme: "The Role of International Capital Market in Development of CIS Countries Economies".

More than 430 participants from almost 30 countries intend to evaluate the risks of CIS banking system, comparing it to estimate of world rating agencies, to discuss successful models of external borrowing and matters of stability consolidation for the Commonwealth banks, competitive advantages, opportunities, risks in creation of financial center Almaty, problems of mortgage lending development and Islamic banking introduction in CIS and Kazakhstan.

"The banks became intellectual centers of Kazakhstan economy. They have to be ahead of their clients…" – pointed out Mukhtar Ablyazov, Chairman of the Board of Directors of BTA opening the conference. In his opinion, CIS banks change their priorities and concentrate on retail banking and SME services, rather than on corporate business.

Notable difference of this year's conference is its conduct in conditions of active economic growth of Kazakhstan and its banking system. The issues discussed are becoming more global. The conference is staying contemporary and proves the high interest and demand for dialog business community as well as regulatory organs.

Andrei Illarionov, ex-Advisor to the President of Russian Federation, marked the increase of lending from private sector, peculiar to Kazakhstan and connected to rate of economic growth, higher than Russia's. "The state should regulate banking activity less. The lesser state barriers there are, the higher rate of economic growth there will be." – considers Mr. Illarionov. "The risks are essential to banking. Regulations set by regulatory bodies do not lead to decrease of the risks."

In opinion of Roman Solodchenko, Deputy Chairman of BTA, the opportunities of Kazakhstan banking system have significantly decreased in comparison to 2001. "Retail market and SME services are the only two sectors left uncovered by the banks. Taking into account the population of Kazakhstan, it will be quite hard for the banks to enter and gain a large share in these markets. Active penetration to retail and SME markets will happen in the next 2-3 years," – considers Mr. Solodchenko – "then it will turn into organic growth. And in the following years the banks will be working with share they will gain in this period."

Participants of the VII Inter-banking Conference marked the high level of the event, active exchange of experience, elaboration of prognosis and tendencies, particularly friendly atmosphere that singles the conference out of the number of similar events.