BTA Bank (Kazakhstan) appointed Steering Committee and advisors
04.04.12 10:25
/KASE, April 4, 12/ - BTA Bank (Almaty), bonds of which are officially
listed on Kazakhstan Stock Exchange (KASE), provided to KASE the following
press release of April 3, 2012:
quotation
"BTA Bank" JSC (the "Bank") is pleased to announce that, following
consultations with its creditors and in response to their proposals,
it has formally agreed to the creation of a steering committee of
creditors (the "Steering Committee") to co-ordinate discussions
in relation to the proposed restructuring of the Bank's financial
indebtedness.
Membership of Steering Committee and Engagement of Advisers
The Steering Committee for the proposed restructuring comprises Ashmore
Investment Management Limited (as agent for and on behalf of certain
funds and accounts for which it acts as investment adviser), the Asian
Development Bank, D.E. Shaw Oculus International, Inc. and D.E. Shaw
Laminar International, Inc., FFTW UK Limited - a BNP Paribas Investment
Partner, Gramercy Funds Management LLC, J.P. Morgan Securities Ltd.,
Nomura International plc, , The Royal Bank of Scotland plc, Swedish
Export Credits Guarantee Board - EKN and VR Capital Group Ltd.
Houlihan Lokey and Deloitte have been selected by the Steering Committee
after a competitive selection process as joint financial advisers and
Baker & McKenzie has been selected as its legal adviser.
The financial advisers to the Steering Committee will begin their work by
conducting due diligence on the Bank's business plan and financial position
and are expected to meet the Bank's management in Almaty in the near future.
Appointment of PwC as Strategic Business Consultant
The Bank is also pleased to announce that PricewaterhouseCoopers has been
hired to act as its consultant in relation to its business strategy. PwC
has been conducting a review of the Bank's strategy and business and is
working with the Bank on the development of its new business plan.
Meeting with the Steering Committee and its Advisers
The Bank held a meeting with the Steering Committee and its advisers on 19
March. At this meeting, the Bank presented alongside PwC the Bank's strategic
vision and its competitive strengths and positioning. Hogan Lovells, the
Bank's counsel, presented an update on the status of the asset recovery
process. The Bank will now start a process of sharing information with
the Steering Committee's advisers as they start their financial due
diligence. The presentations made by the Bank and its advisers at
the meeting have already been made available on the Bank's website.
Anvar Saidenov, Chairman of BTA Bank, commented:
"We are working closely with the Steering Committee and all our advisers
to ensure a sustainable future for the Bank and the best possible consensual
outcome for all stakeholders. These appointments are a significant step
forward in the process and in due course we will present our new business
plan to the Steering Committee".
The Steering Committee endorses the appointment of Mr Babayan and Mr
Brezinski to serve as Creditor Directors on the Bank's Board of Directors.
At the request of the Bank, certain members of the Steering Committee
participated in a teleconference with Mr. Ilkka Salonen, the candidate for
appointment to the Bank's Board of Directors as a new Independent Director,
on 23 March 2012. The Steering Committee has not raised any objection to
his proposed appointment nor to the appointment of Mr Balapanov as a director
and CEO of the Bank.
Media contacts:
tel. +7(727) 266 43 22
e-mail: pr@bta.kz
www.bta.kz
ends
[2012-04-04]