Sberbank chairman asks Kazakhstan administration for preferences 22 мая 2012, 19:53
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Sberbank chairman German Gref. ©RIA Novosti
German Gref asked Kazakhstan administration for preferences for Sberbank, Tengrinews.kz reports. President and chairman of Russia’s Sberbank complimented Kazakhstan legislation in banking sector, but stressed that his bank cannot work to its fullest in Kazakhstan. “There is on thing that hinders significant increase of investments to Kazakhstan. During the past several years we have been investing unprecedentedly much into major Kazakhstan companies. $4 billion - these are the loans provided in last year to such companies as ENRC (major mining company). We are currently working on a big program with Kazakhstan railroads, but there is that restriction: they are working only with A-group banks. Unfortunately, Sberbank has a B rating, a limitation because of the country rating. But it is evident that our current standing is totally different in the world,” Gref said at the meeting of the Council of Foreign Investors. Gref noted that Sberbank was one of the most reliable banks in the world and had a positive development dynamics. “Of course, if we could change the rule and make an exception for just one borrower of our bank's branch and admit B-banks' guarantee besides A-banks' ones, we could have significantly increased our investments to Kazakhstan. We kindly ask to consider changing this rule and I think this would be profitable both for Kazakhstan government and for development of our business in Kazakhstan,” Gref said. “These is another interesting fact that has stroke me: in 6 years Kazakhstan has increased the population’s life expectancy by 5 years. I think this must be one of the fastest growth rates in the world,” head of Sberbank said talking about positive indexes of Kazakhstan economy’s growth. German Gref entered Kazakhstan President’s Council of Foreign Investors and was introduced by Kazakhstan President to its other members on Tuesday, May 22. By Renat Tashkinbayev