British financial company BPA International pretend to share in Valut-Transit-Bank JSC (Kazakhstan)

/REUTERS, Almaty, Astana, Olzhas Auezov, Raushan Nurshayeva, title of KASE, October 16, 06/ - British financial company BPA International wants to acquire a "substantial" equity stake of a small Kazakhstan bank Valut-Transit and to conduct its restructuring, said Steven Johnson, the head of BPA, on Monday. He asserts that authorities are ready to support its plans financially, however, Arman Dunayev, the head of the Agency of financial supervision, said to Reuters that the destiny of bank license of Valut-Transit has not been solved yet. According to Dunayev, regulator waits for the program of actions from shareholders. Kazakhstan stock exchange stopped bank's membership, which bases in Karagandy (central Kazakhstan), by all categories at the end of September due to nonredemption of bonds on time for $10 m. Afterwards, financial supervision claimed that it can recall the license of Valut-Transit, if bank owners do not present plan of its rehabilitation. Johnson said BPA agreed with Talgat Yermegiyayev, one of shareholders of Valut-Transit, upon purchase of its equity stake. According to the data of Kazakhstan stock exchange, as of October 1 Yermegiyayev owned 23.2% of bank's shares. Besides, according to Johnson, meeting of shareholders of Valut-Transit, held on Sunday, appointed him the Chairman of bank's Board of directors, and some officials of BPA the members of the Board. Johnson also said the financial police of Kazakhstan arrested shares of Valut-Transit by request of BPA and shareholders, who took their side, in order to avoid attempt of "taking assets out" of bank by one of its previous owners. According to his words, authorities of Kazakhstan supported plans of BPA. "In the context of our agreements with authorities we expect to get a stabilizing loan... We asked KZT10 bn. (about $78 m.)," he said. BPA is a private company, little known in Kazakhstan, which, according to the information on its web-site www.bpa-intl.com, renders financial consulting and other services, including development and construction in Central and East Europe and countries of Central Asia. FATE OF THE LICENSE Dunayev informed that the regulator is not acquainted with the program of bank recovery for the time being. "The issue is still open. At first, we are required to present plans on bank rehabilitation," said Dunayev. "Afterwards, we are going to take principal decision: recall or interruption of the license or measures on recovery will be taken". Rating agency Moody's in April set ratings of Valut-Transit in the list for possible decrease due to quality deterioration of assets and unsuccessful attempts to sell the bank to foreign investors. Bank assets at the beginning of this year totaled KZT79.6 bn. (about $625 m.), liabilities - KZT65.9 bn. [2006-10-16]