Alliance Bank (Kazakhstan) informs on restructuring

18.05.09 14:37
/KASE, May 18, 09/ - Alliance Bank (Almaty), a company listed on Kazakhstan Stock Exchange (KASE), provided KASE with a press release dated May 15, 2009: Quotation beginning Today Alliance Bank informed the bank employed audit company KPMG, London, to conduct financial check of credit portfolio and financial investments, and bank's outbalance articles. Besides, KPMG will assess influence of possible adjustments on bank financial standings. The Coordination Creditor Committee within restructuring of borrowings included the following international banks: ADB (Asian Development Bank), CALYON, Commerzbank Aktiengesellschaft, DEG (Deutsche Investitions- und Entwicklungs GmbH), JP Morgan, Sumitomo Mitsui Banking Corporation Europe Limited and Wachovia Bank N.A. The plan for restructuring and recapitalization of Alliance Bank must be agreed with creditors and brought for approval to the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations before July 15, 2009. May 29, 2009 the bank will hold a telephone conference with bank creditors to inform on talks with the Coordiantion Committee and preliminary results of financial check performed by KPMG, London. In accordance with the Alliance Bank's press release dated April 13, 2009 on suspension of service of borrowings of the bank for three months, Alliance Bank confirms, as on May 11, 2009 the Bank failed to comply with its obligations on principal international debt for a total of USD10 m. For further information, please, contact: Public Relations Tel. +7 (727) 258 40 40 E-mail: Website: Quotation end [2009-05-18]