The Government of Kazakhstan, Halyk Savings Bank of Kazakhstan and Kazkommertsbank reached the agreement on support of the economy real sector

/KASE, October 29, 08/ - Halyk Savings Bank of Kazakhstan (Almaty), securities of which are traded in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the press release of the Republic of Kazakhstan Prime-Minister Press Service on the following: Quotation start October 28, 2008, the Government and two backbone banks - Halyk Savings Bank of Kazakhstan and Kazkommertsbank reached the agreement on support of the economy real sector based on implementation of announced measures aimed at stabilizing of the banking sector of Kazakhstan. Given the government support the Government took into account the key role of two selected banks in the economy of Kazakhstan, rasing deposits and their sustainable financial condition, high credit ratings and trust of foreign investots, ability to serve foreign obligations and shareholders system transparency. The credit policies priority of Halyk Savings Bank of Kazakhstan and Kazkommertsbank is funding of the real economy sector projects across Kazakhstan. As of October 1, 2008, the aggregate stake of Kazkommertsbank and Halyk Savings Bank of Kazakhstan in the banking system assets makes up 34.8%, loans - 36.9%, physical persons deposits - 41.1%, legal entities deposits - 42.6%. From the end of 2006, Kazkommertsbank and Halyk Savings Bank of Kazakhstan are public companies, which placed their shares as depository receipts on the London Stock Exchange, that guarantees for existing and potential investors, depositors and banks clients the high level of openness, financial statements transparency, corporate management. According to the reached agreement, acting on behalf of the Government the National Welfare Fund SamrukKazyna will limit its participation in Halyk Savings Bank of Kazakhstan and Kazkommertsbank through the additional issue of common shares in the size of 25 % of the share capital, and the issue of agreed volume of preferred shares. The National Welfare Fund SamrukKazyna will be guided by market principles and act as the investor, will nopt intefere into banks' operations and will not play the active role in the da-to-day management. Banks corportate management bodies will act in compliance with the legislation in force, requirements for the second-tier banks, established by the financial market regulators, charter and other banks internal documents. The share capital increase and shares re-purchasing procedures will be exercised in compliance with the Law "On Joint Stock Companies". The government presence in two banks capital will be limited and will depend on the situation on the financial marketrs. In the future, the government shares will be sold in compliance with the market prinicples. Press Service of Prime-Minister of the Republic of Kazakhstan Quotation end [2008-10-29]