Alliance Bank, SamrukKazyna Fund signed contract on intent
ANA. July 15. KAZINFORM Alliance Bank JSC and SamrukKazyna National Welfare Fund have entered into a contract on intent, Kazinform reports citing the Bank's press service.
According to the document, SamrukKazyna intends to acquire controlling bloc of shares and provide full capitalization of the Bank to the amount of KZT 129 bln. As earlier reported, the Fund had right to buy the Bank's shares provided that it reached an agreement with the Committee of creditors on restructuring the Bank's borrowings.
"We welcome SamrukKazyna National Welfare Fund which has confirmed its intention to become the largest shareholder of the Bank", Chairman of the Board of the Bank Maksat Kabashev said.
Besides, in accordance with the Agreement with the Kazakh Financial Supervision Agency as of April 28, 2009, Alliance Bank submitted a Plan on restructuring and recapitalization of the Bank to the Agency. The document provides for certain measures and calculations on recovery of the Bank's capital within restructuring of the borrowings and recapitalization taking into account the agreements reached with the Committee of Creditors and SamrukKazyna Fund.
It is expected that the process of restructuring of the Bank's borrowings and SamrykKazyna's intervention in its capital will be completed by November 2009.