Alliance Bank (Kazakhstan) offers creditors to restructure debt

/KASE, April 13, 09/ - Alliance Bank (Almaty), a company listed on Kazakhstan Stock Exchange (KASE), provided KASE with a press release: Quotation beginning In addition to a statement made by Alliance Bank (the Bank) on April 1, 2009 regarding re-valuation of assets, the Bank herewith explains that this re-valuation is related to the deals the Bank concluded in 2005-2008, which were not duly disclosed in the balance sheet of the Bank. Within the frames of these deals the Bank issued guarantees, collateralized by bonds of the USA Treasury, for about KZT1.1 bn. currently, the Bank is assessing potential losses and necessary changes to the financial statements, which may entail a necessity of additional capitalization of the Bank. Taking into account the circumstances, the Bank decided to suspend payment of debt on a credit agreement, due March 19, 2009. The decision was forced and imposed by the intention of the Bank to provide robust continuation of its operation and compliance with all obligations before clients and depositors. In connection with the above mentioned on April 9, 2009 the Bank was informed by the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS) on necessity within the three consequent months to prepare and present to the AFS the plan of reconstruction and recapitalization of the Bank, agreed with creditors of the Bank. The Bank is addressing its creditors with a request within three months not to demand immediate payment of debt and not to impose sanctions within corresponding agreements, so that the bank may elaborate a plan of restructure and recapitalization. Terms of recapitalization will be discussed with National wellbeing fund Samruk- Kazyna which is a potential investor. Therewith the Bank considers necessary to inform its clients and depositors the bank is operating in normal mode. All payments and transfers are made timely and in full. For more information, please, contact: Public Relations Tel.: +7 (727) 258 40 40 E-mail: pr@alb.kz Website: www.alb.kz Quotation end [2009-04-13]