Irtyshbusinessbank OJSC (Kazakhstan) finished re-registration into Alliance Bank OJSC

/IRBIS, March 27, 02/ - Irtyshbusinessbank OJSC (Pavlodar), which is the member of the Kazakhstan Stock Exchange (KASE) under category "B" (right to participate in foreign currency trades), informed its correspondent banks and the KASE that on March 13, 2002 the Ministry of Justice of Kazakhstan re-registered Irtyshbusinessbank OJSC into Alliance Bank OJSC. It is said that re-registration of the legal entity due to its renaming will not affect the power of the contracts and other documents signed on its behalf. Alliance Bank OJSC fully retains all proprietary rights and obligations of Irtyshbusinessbank OJSC to the market entities and clients. All previously signed agreements are valid. The bank also informed that its head office moved to Almaty. From March 25, 2002 the office is located in this city at 100A, Furmanov St. Seimar OJSC (Almaty) informs, that Alliance Bank OJSC (Irtyshbusinessbank OJSC) was the one of the best regional banks. It became the third bank in Kazakhstan which met the requirements of the National Bank to switch to international standards. As a member of Deposits Insurance Fund, KASE, Association of financiers of Kazakhstan, the bank serves many firms and organizations in Semei, Astana, Oskemen, Ekibastuz, Almaty. In late 2001 Irtyshbusinessbank OJSC had more than 800 legal entities as its clients in Pavlodar. In October-November of last year the bank's shareholders changed. New owners, the consortium of investors which was organized in October 2001 by Seimar OJSC. It includes major Kazakhstani companies, including Corporation Byte LLP, Almaty Kus OJSC, Astyk Astana 2030 LLP, Jana Gasyr - NC LLP and others, which bought major stake in Irtyshbusinessbank OJSC from previous shareholders. New owners have developed the further development strategy of the bank, which states that it has to increase authorized capital, assets and develop from regional to national level. Also, the bank does not intend to change its positions in Pavlodar region, using its old partners and clients. The bank administration considers Pavlodar "historically strategic region, where all ties either remain as status-quo or develop into new scale", is said in the press-release of Seimar OJSC on December 12, 2001. [2002-03-27]