Alliance Bank (Kazakhstan) says talks National wellbeing fund Samruk-Kazyna to buy a share in the bank are at its final stage
09.07.09 17:05
/KASE, July 9, 09/ - Alliance Bank (Almaty), a company listed on Kazakhstan
Stock Exchange (KASE), provided KASE with a press release:
Quotation beginning
Almaty, July 9, 2009 - Alliance Bank (the Bank) announced the bank came to an
agreement with creditors on debt restructuring, which is an essential condition
required for National wellbeing fund Samruk-Kazyna (Samruk-Kazyna), to buy a
share in the ailing bank.
On July 7, 2009 the Bank and the Creditor's Committee consisting of 9 largest
creditors of the bank, signed a Memorandum of Understanding on restructuring of
bank's debt. The agreement says the creditors agreed on proposed variants of
debt restructuring. The debt is to be restructured before November 1, 2009.
In the nearest time the Fund and the Bank will sign an Agreement according to
which the Fund will buy a controlling share in the bank after successful
restructuring of the debt. After the deal is completed the Fund will
recapitalize the Bank to bring the bank's capital in compliance with prudential
norms.
"Foreign debt restructuring is a part of bank modification process introduced in
recent months. The Bank improved its branch network, business-processes and
staff to boost operational efficiency" - Alliance Bank chairman Maksat Kabashev
said. "We are grateful to the Kazakhstan government, the financial supervision
agency, Fund Samruk-Kazyna for the support and an afforded opportunity for the
bank to participate in the measures to fight the crisis, intended to support the
Kazakhstan economy amidst the global credit crunch.
We express our gratitude to our clients that remained with us in this harsh time.
The Bank proved to be a reliable and stable financial institution, valuing
interests of Kazakhstan depositors as the highest priority. Alliance Bank has
always relied on transparency and trust principles. The principles once again
proved the rightness of our business approach.
We express gratitude to our advisors - Lazard Freres, White&Case and John
Howell&Co, and creditors believing in the bank and ready to cooperate. We are
sure; Alliance Bank will soon again be a leader on the Kazakhstan financial
market".
"The agreement between the Bank and the Creditors Committee is of a great
importance for the entire Kazakhstan banking system. This is a signal of the
recovery. We hope, the current management will successfully finish this
complicated process, at the end of which Alliance Bank will have a positive
capital and attract new investments", - financial director of Fund Samruk-Kazyna
Abay Iskandirov said.
Contact:
Media Relations
Tel. +7 (727) 258 40 40
E-mail: pr@alb.kz
Website: www.alb.kz
Quotation end
[2009-07-09]