Chase Manhattan Bank signed an agreement with the Republic of Kazakhstan to form a joint-venture investment bank to be called Kazakhstan International Bank.
The bank, a 50-50 joint venture, will seek to bring foreign investment into the former Soviet republic, introduce banking systems there, and provide access to international capital markets for the country's industrial developments and government agencies.
The bank will engage in foreign exchange, commodity hedging, project finance, trade finance, and syndicated loans, Chase said in an announcement. Mercator Corp., a U.S.-based merchant bank, was an adviser to the agreement.
