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JSC Kazkommertsbank (JSCD)

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Thursday 04 January, 2001

JSC Kazkommertsbank

Issue of Debt

JSC Kazkommertsbank
4 January 2001



     
     KAZKOMMERTSBANK CLOSED A US$20 MILLION SUBORDINATED EUROBOND OFFERING

     
Kazkommertsbank is pleased to announce that it has successfully issued and
placed a US$20 million 11% Subordinated Notes due 22 December 2007.  The bond
has a call option at par on 22 December 2004.  Issue price is 97.639% with the
yield to maturity 11.50%.  The yield to call is 11.757%.  The proceeds of the
issue will be used for general corporate purposes.

JSC Kazkommerts Securities and Central Asian Capital Corporation N.V. acted as
Joint Lead Managers.  The Paying Agent and the Trustee is Deutsche Bank A.G..
The Legal advisor for Lead Managers, Trustee and Paying Agent is Dewey
Ballantine.

The issue was placed on domestic market among Kazakh pension funds and became a
milestone for the bank in its efforts to improve capitalization and to support
further expansion of the bank.

Established in 1990, the Bank is the largest bank in Kazakhstan in terms of
assets and equity.  It is a leading provider of commercial banking services on
domestic market in Kazakhstan.  In 2000, the Bank has significantly reduced its
reliance on international borrowings through expansion on retail deposits and
domestic operations.  The bank is rated B/B1/B+ by Standard & Poor's, Moody's
and Fitch, respectively.

For contacts:
Mr Andrey Tolochenko, Capital Markets   (7 3272) 585 116