Shareholders of Bank TuranAlem (BTA) approved a programme for issuance of 3-year Eurobonds worth $3 billion, the Kazakhstan Stock Exchange announced. The shareholders made a decision to increase the bank's obligations by 25% of the volume of capital. This will be made through implementation of a $3 billion Euro Medium Term Notes Program. No details about the dates of the issue were provided. BTA is the second largest bank in Kazakhstan. It is also active in Russia, Belarus, Ukraine, Georgia and Armenia.
TuranAlem, which is expanding into other former Soviet states, had earlier announced that it planned to borrow a billion dollars every year until 2008 as part of its ambitious growth strategy.
All Kazakh banks have stepped up eurobond issues, partly due to a booming domestic economy, fuelled by growing oil production, and a strong local currency.