business and economy
Nurbank boosts capital by 24 percent
Nurbank, the 9th biggest bank in Kazakhstan, has raised its charter capital by 6.5 billion tenge ($54 million) to 33.6 billion tenge ($280 million), according to a press release issued on Wednesday.
Nurbank issued 650,000 common shares to raise the funds, according to Interfax-Kazakhstan.
Along with raising the charter capital, the bank also increased loan loss provisions have been increased by 6 bl tenge ($50 million) in order to boost reserves for covering credit risks. “This step is part of bank’s strategy on improving risk management that fully reflects transparent operation of the bank,” the press release said.
Nurbank also reported that it has met all scheduled debt payments on syndicated loans and Eurobond issues for 2008. A Eurobond issue maturing in 2011 is the only one that remains in circulation.
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