“Kazyna” Sustainable Development Fund becomes the owner of 67 per cent of Alliance Bank’s shares

Astana, October 06, 2009, Khabar - The other part of shares is divided by the creditors. This is the one of conditions of the tripartite agreement on re-structuring that the bank, fund and committee of creditors have signed. According to Maksat Kabashev, the chairman of board of «Alliance Bank», the definitive arrangement with creditors on concrete conditions of re-structuring has been reached. Particularly that is a reduction of debts from more than 4 billion dollars to one billion. “Alliance Bank” representatives hope that the re-structuring will be finished in two months. The plan of debts re-structuring is planned to be confirmed in December.

Maksat Kabashev, chairman of “Alliance Bank” board:
- After the re-structuring the bank will have a unique for Kazakhstani market joint-stock structure. The state and foreign private investors will take part in it. That gives the bank big opportunities for development of strategy and expanding of its clients’ base and services.