A shareholder of Alliance Bank, which sold a block of shares to the state, does not have the option for buyback

/INTERFAX-KAZAKHSTAN, Almaty, February 2, 09/ - A shareholder of Kazakhstan Alliance Bank - Seimar Alliance Financial Corporation (SAFC), which sold 76% of its voting shares to the state fund Samruk-Kazyna for KZT100 (KZT121.47/USD1), does not have the option for buyback. "We does not have the option", - the Chairman of the Board of SAFC Saken Seyphulin announced at the press conference in Interfax-Kazakhstan agency on Monday in Almaty. This day it was announced Government's entering the capitals of Alliance Bank and BTA Bank. The head of Samruk-Kazyna Kairat Kelimbetov said that when these banks gained stability, they plan to leave the capital within 5 years. S. Seyphulin stressed that SAFC sells block of shares as it needs "strong shareholders" under current conditions. "If we know the crisis stops this year, we won't sell. But it would be better to do it beforehand" he noted. The Chairman of the Board of Alliance Bank Erik Sultankulov in its turn, reminded that February 2 Samruk-Kazyna and the bank signed the contract on bank deposit for KZT24 bn. deposit offering under 8 % APR in Alliance Bank to support financial stability and further bank capitalization. "Its main objective - is to stabilize financial system. We think this step is justified" - he stressed. Е. Sultankulov informed that as a result of this deal, SAFC will have 8% shares of the bank, free float makes 17%. He also said that management Board of Alliance Bank will operate in former staff, the strategy remained unchanged and the bank will follow all its liabilities. According to him, foreign debt of Alliance Bank makes $3.9 bn., another $500 m. is planned to pay the current year, "but 1.1 bn. income allows to fulfill obligations on foreign debts. "Alliance Bank according to results of the first half of 2008 was ranked 22rd in terms assets volume among CIS banks and the 4 th among commercial banks of Kazakhstan in the Interfax-1000 rating: CIS Banks", prepared by Interfax-CEA". [2009-02-03]