Alliance Bank (Kazakhstan) agreed to sell 25 % stake to the government

/REUTERS, Almaty, Maria Gordeeva, October 29, 08/ - Alliance Bank accepted the government proposal and agreed to sell its 25 % stake to the government, the press service of the Prime-Minister of Kazakhstan reported. "These measures provide capitalization of the bank by the government, represented by National Welfare Fund SamrukKazyna by means of common shares issue, amounted 25 % of stock capital of the bank and moreover additional issue of preferred shares" - the press release says. Earlier the authorities of Kazakhstan have proposed four banks - Alliance Bank, Halyk and Kazkommertsbank, the largest in the country - to redeem their shares at $5 bn. In addition, the government announced that plans to discuss similar initiatives with large foreign parties of two more banks. Yesterday, two major Kazakh banks - Halyk and Kazkommertsbank - agreed with the proposal of the Government on the repurchase their shares. [2008-10-29]