OREANDA-NEWS. On October 03, 2007 Bank TuranAlem JSC (Almaty), shares and bonds of which are traded in Kazakhstan stock exchange's (KASE) category "A" official list, provided KASE with the press-release of the following content, reported the press-centre of KASE:

On October 2 in Kiev (Ukraine) a competition of selling state share holding of Ukrainian national joint stock insurance company - Ornata (hereafter NJSIC Ornata). The biggest financial groups of CIS countries took part in the competition, they are: Bank TuranAlem JSC (Republic of Kazakhstan), Bank CenterCredit JSC (Republic of Kazakhstan) and OJSC Alpha-bank (Russian Federation).

Bank TuranAlem (BTA) became the winner of the competition. It bought 25% +one share of NJSIC Ornata at the price of 500,75 m. hryvnias (USD99,2 m.). Russian Alpha-bank dropped out of race while the price was USD98,2 m.

The Chairman of the board of directors of BTA Muhtar Ablyazov noted: "Insurance business is principal for BTA not only in Kazakhstan where daughter insurance companies of the bank are leaders of the market but also on the territory of the entire CIS, and particularly in Ukraine. The purchase of 25% of shares of Ornata became an important strategic step in consolidation of insurance assets of BTA or the purpose of increasing the efficiency of management of one of the biggest Ukrainian insurance companies".

A member of BTA's Board of directors Erkin Tatishev confirmed: "The price was high but we are ready to invest our capital in purchase and development of the company. Moreover, we are going to further invest as much as it is needed for company's development and to bring it in the position of an absolute leader of Ukrainian insurance market".

The Chairman of executive committee of NJSIC Ornata Oleg Spilka commented the buy-out of Ornate shares in the next way: "The price that Bank TuranAlem had offered was high enough for any business especially for insurance market, however, it was completely justified taking into account the growth rate of Ornata". The growth of company's collections over the first nine months of 2007 has mede more than 60%. We considers the purchase of shares by Bank TuranAlem very positively as it would prove the serious intentions of investors regarding the further development of the company".

The Chairman of the Fund of State Property of Ukraine, Valentina Semenyuk affirms that the price of NJSIC Ornata was unexampled. "We were expecting 200-250 million hryvnias, - Mrs. Semenyuk declared. - However, the price exceeded all expectations two times. It is undoubtedly a significant inflow to the state budget of Ukraine. This competition was conducted fairly and transparently".

NJSIC Ornata is one of the biggest insurance companies of Ukraine that has been founded in 1921. During the last decades, Ornata has been a leader of Ukrainian insurance market by the volumes of insurance payments and payments to the state budget.

Agent network of Ornata is the biggest among the Ukrainian insurers and counts more than seven thousand insurance agents, 700 offices and more than 1000 outlets all over Ukraine. Every third insurance agent of Ukraine is an employee of Ornanta.

The size of insurance payments of Ornata for the first half-year of 2007 was the greatest among Ukrainian insurance companies and made 276 m. hryvnias ($54,6 m.), the volume of insurance compensation - 92 m. hryvnias ($18,2 m.). Growth of insurance payments of Ornata for the specified period exceeds 60%.

In 2004 Ornata became a "Brand of year in Ukraine", in 2005 the company entered the "Brands' guard" as "The biggest insurance company of the country"; in 2006 Ornata received the title of "Choice of the year". Each year, NJSIC Ornata is in top-100 most influential companies of Ukraine.

Bank TuranAlem JSC (BTA) is one of the largest banks and leader in creation of banking network on the territory of CIS countries. Consolidated assets of BTA Group for the period from December 31, 2006 till June 1, 2007 increased by 47% - to $24,0 bn. from $16,3 bn., balanced shareholders equity - correspondingly by 94% - to $2,97 bn. from $1,53 bn.

Bank TuranAlem presenting in CIS countries and far abroad is widening its presence in CIS countries, which is shown by availability of network of banks - strategic partners of BTA, activity of which spreads on Ukraine, 4 regions of Russia, Byelorussia, Armenia, Kirgizstan and Turkey. Representations of BTA are working in Russia, Ukraine, China and UAE.

Bank TuranAlem have the branchy network of subsidiaries all over Republic of Kazakhstan (22 subsidiaries and 256 departments).

Bank TuranAlem has been named "Best bank in CIS in 2006" by the authoritative financial magazine Itogi, and also "Best bank in the Central Asia in 2006" in opinion of Euromoney magazine. The authoritative business magazine The Banker placed BTA in the ranking of world's best banks and awarded with the third place in the nomination of "Year's breakthrough".