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Kazakh Bank Enters Russia's Real-Estate Market

A view of the Siberian city of Novosibirsk (file photo) (RFE/RL) October 25, 2006 -- Kazakhstan's Halyk Bank has announced plans to invest some $1.5 billion in Russia's realty market within the next five years.

Russia's "Vedomosti" economic daily today quotes Halyk Bank Chairman Grigory Marchenko as saying that, as part of its first project in Russia, it will invest $45 million in the construction of a large shopping mall in the central Siberian city of Novosibirsk.

Marchenko says the project will be completed next year.

"Vedomosti" says Halyk Bank is considering other projects in Moscow, St. Petersburg, and regions neighboring Kazakhstan.

Halyk Bank is the third Kazakh bank, after Kazkommertsbank and Bank TuranAlem, to invest in Russia's realty market.


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