Kazakh bank Caspian borrows $100 mln from IFC
ALMATY, April 2 (Reuters) - Bank Caspian CSBN.KZ, Kazakhstan's number eight, borrowed $100 million from the International Financial Corporation (IFC), the private sector arm of the World Bank, Caspian said on Wednesday.
The global credit crunch hit Kazakh banks hard last year due to their high exposure to international debt markets, but Bank Caspian, seen as a conservative borrower, has called the liquidity squeeze an opportunity to expand its market share.
The loan comes in two tranches, Caspian's Chief Executive Mikhail Lomtadze told reporters.
The first tranche of $80 million has a maturity of seven years and will be used to finance small and medium-sized businesses. The smaller $20 million tranche is due in one year and will help Caspian to finance trade deals. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Paul Bolding)
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