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Eurasian Bank bond plans a good sign for sector

10 march 2011, 13:37
0

The news that Eurasian Bank plans to issue $200 million to $300 million worth of ruble- and Euro-denominated bonds in the second half of this year is a good sign for Kazakhstan’s banking sector.

The bond-floating plans indicate that Eurasian wants new capital to do more lending – something that will gladden the heart of Central Bank Governor Grigory Marchenko and other financial-sector overseers.

They want to see the industry return to health sooner rather than later so there is a jump in lending to business. Additional lending will accelerate the economic recovery.

"I expect that we will look to the ruble market maybe in the first half of this year and the Eurobond market maybe in the last quarter of this year," Eurasian Chairman Michael Eggleton said this week.

Eggleton is an interesting and capable fellow. The American is the only non-Kazakh to head a Kazakhstan bank.

He has a reputation for streamlining an operation to generate better profits. And he’s a tireless worker, routinely putting in 18-hour days.

Eurasian Natural Resources Corporation, which owns Eurasian Bank, brought Eggleton to Kazakhstan as a “Mr. Clean” in the wake of the ignominious departure of the bank’s previous chair and deputy chair.

Regulators stripped Erik Sultankulov of his chairman’s position and Dauren Kereybayev of his deputy chair’s post after investigators alleged that the two embezzled $1.2 billion from Alliance Bank before joining Eurasian.

Author:
Hal Foster

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