BTA Bank (Kazakhstan) Signs MoU with Creditors' Steering Committee to Restructure BTA Bank's Debt
23.09.09 12:59
/KASE, September 23, 09/ - BTA Bank (Almaty), securities of which are listed on
Kazakhstan Stock Exchange (KASE), provided KASE with a press release:
Quotation begins
JSC BTA Bank ("BTA") announced today that it has entered into a Memorandum
of Understanding ("MOU") with the Creditors' Steering Committee (the "Steering
Committee") to restructure BTA's financial indebtedness (the "Restructuring").
The objective of the Restructuring shall be to satisfy the regulatory capital
requirements of the FMSA as of the effective date of the Restructuring.
Pursuant to terms of the MOU, BTA and the Steering Committee have agreed to
work in good faith to arrive at agreed terms for the Restructuring following
completion of a due diligence exercise to be performed by KPMG and Deloitte on
the appropriate level of provisioning on BTA's loan assets. The MOU is non-
binding on any financial creditor and the Restructuring will be subject to
certain conditions precedent.
The MOU was developed following meetings that took place in London between
BTA's advisers and the Steering Committee from 14 September to 17 September
2009.
BTA wishes to thank the Steering Committee and all of its creditors for the
support and understanding that it has received during this difficult time and
looks forward to presenting the options to its financial creditors and
completing the Restructuring in the coming months.
The MOU and an ancillary Memorandum of Understanding signed between BTA
and Samruk-Kazyna National Welfare Fund JSC will be available on BTA's
website: www.bta.kz.
About the Steering Committee
The full Steering Committee appointed by BTA is comprised of ABN AMRO Bank
N.V., Commerzbank Aktiengesellschaft, the D. E. Shaw group, Euler Hermes
Kreditversicherungs AG (acting for and on behalf of the Federal Republic of
Germany), Fortis Investment Management UK Limited, Gramercy Advisors LLC,
ING Asia Private Bank Limited, JP Morgan Chase Bank, N.A., KfW (representing
its affiliates DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH and
KfW IPEX-Bank GmbH), Mediobanca - Banca Di Credito Finanziario S.p.A.,
Standard Chartered Bank, Export-Import Bank of the United States and Wachovia
Bank N.A.
About BTA Bank
BTA Group is a leading banking network in the CIS. The network of BTA's partner
banks extends to Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and
Turkey. BTA's representative offices operate in Russia, Ukraine, China, and UAE.
The bank has one of the largest branch networks in Kazakhstan (22 branches
with 269 service locations) along with an extensive chain of ATMs (864) and
self-service terminals (160). BTA serves about 1.2 million retail and 132,000
corporate customers.
Media Contacts:
Adyl Dosymov,
BTA Bank's Press Secretary
8 (727) 266-47-97
8 707 3457619
e-mail: dosymov@bta.kz
Ends
[2009-09-23]