BAKU, Azerbaijan, Sept. 14
By Fakhri Vakilov – Trend:
A large trade and retail chain of Kazakhstan Magnum Cash & Carry has entered the Uzbek market this year, Trend reports citing Spot.uz.
The network plans to open branches in Tashkent.
Magnum Cash & Carry plans to open up to six stores of a new format in Tashkent and create more than 1,800 jobs for 2021-2022. In general, the maximum investments of the company in Uzbekistan can reach up to $30 million.
On September 13, within the framework of this project, Magnum Cash & Carry, together with JSCB Tenge Bank, entered into a general agreement on the opening of a credit line, according to which the company is provided with financing in Kazakh tenge. This transaction is an example of tenge financing from a commercial bank in Uzbekistan.
The head office of Magnum Cash & Carry is located in Almaty. The company owns 93 shopping malls of various formats in 10 cities of Kazakhstan: Almaty, Nur-Sultan, Kaskelen, Karaganda, Taldykorgan, Shymkent, Petropavlovsk, Kyzylorda, Taraz and Turkestan. The total number of buyers of the retail and retail chain Magnum Cash & Carry exceeds 300,000 people a day. The staff numbers is over 13,000 people.
Tenge Bank is a universal bank that provides financial services to all categories of corporate, SME and retail clients using modern banking technologies with the possibility of financing in soums, tenge, US dollars and euros. The Bank belongs to the group of companies Halyk Bank of Kazakhstan JSC (Halyk Group) and is a subsidiary bank of Halyk Bank of Kazakhstan JSC.
"Halyk Bank of Kazakhstan" has subsidiary banks in Russia, Kyrgyzstan, Georgia and is one of the largest banks in Central Asia. This is facilitated by an effective risk management system, as evidenced by the high quality indicators of the loan portfolio, as well as financial reliability and stability.
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