OREANDA-NEWS. On January 29, 2009 Alliance Bank (LSE:ALLB) announced the results of the meetings held by the Chairman of the Board of JSC Samruk Kazyna National Welfare Fund, Mr. Kairat Kelimbetov, and the Chairman of the Board of Directors of Alliance Bank, Mr. Margulan Seissembayev, reported the press-centre of Alliance Bank.

The Parties have reached a mutual agreement to adhere to all previous arrangements relating to Alliance Bank’s participation in the activities as set forth in the Joint Action Plan of the Kazakhstan Government, National Bank and Agency for the Regulation and Supervision of the Financial Market and Financial Organizations for the economic and financial system stabilization for 2009-2010.

As previously announced, in December 2008, a Memorandum of Understanding was signed by Alliance Bank, its main shareholder – JSC Seimar Alliance Financial Corporation (SAFC) - and the Kazakhstan Government represented by the Ministry of Finance of the Republic of Kazakhstan, National Bank of the Republic of Kazakhstan, Agency of the Republic of Kazakhstan for Regulation and Supervision of Financial Market and Financial Organizations, and SamrukKazyna National Welfare Fund. According to the Memorandum, the parties agreed to boost the capitalization of Alliance Bank and its participation in other stabilization procedures with a view to supporting the required real sector lending volumes.

Alliance Bank considers it necessary to again clarify the situation in order to avoid any potential information distortions concerning the Bank’s further activities. In accordance with the Memorandum of Understanding, the Government of Kazakhstan’s decision is that Samruk-Kazyna National Welfare Fund will join Alliance Bank as a shareholder. This action will in no way cause any changes in the normal business activities of the Bank. Alliance Bank remains the fourth largest leading bank in Kazakhstan. It continues to comply with all Government regulations and requirements, and fulfills all foreign and domestic obligations to its investors, clients and counterparties.