BAIKONUR, June 2 (RIA Novosti) - Russia and Kazakhstan will set up an investment bank with a $1.5 billion authorized capital and headquarters in Alma Ata, Russian President Vladimir Putin said at the meeting with his Kazakh counterpart Nursultan Nazarbayev.

"Before arriving here I discussed with government members your proposal to set up a major joint investment bank," Putin said.

According to him, it will take 2-3 months to set up a good investment bank "to implement joint Russian-Kazakh projects which can also involve other CIS countries."

Russia will allocate $1 billion and Kazakhstan $500 million on the authorized capital of the new bank. "We agree to place the bank's headquarters in Alma Ata," Putin added.