business and economy

Kazakh Alliance Bank repaid $150 million loan

By SRI ⋅ June 30, 2008 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

Alliance, Kazakhstan’s fourth largest bank, announced on Friday it had repaid a debut Eurobond worth $150 million.

The London-listed bank has suffered from the global credit crunch due its heavy reliance on foreign borrowing. Analysts and investors have been concerned about its ability to repay massive its external debts after the global liquidity squeeze cut it off from foreign financing sources.

“This amount was the last large repayment of the bank’s foreign liabilities scheduled in the course of the next two years,” Alliance said in a statement.

The bank said it had repaid about $700 million out of $1 billion scheduled for this year.

Last Wednesday, the bank reported that its first quarter profits fell to $35 million $66.5 million in the same period of 2007.

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