OREANDA-NEWS. On April 01, 2009 JSC Alliance Bank announced that it plans to record a write-down to reflect an overstatement of its assets, reported the press-centre of Alliance Bank.

The write-down comes as a result of the discovery by Alliance Bank’s new management team that the securities portfolio of Alliance Bank may be seriously impaired. The full extent of the impairment has not yet been ascertained. Alliance Bank is in the process of assessing the impact of it on its financial position.

The Kazakhstan bank regulatory authorities and Samruk-Kazyna National Welfare Fund have been informed of the situation and Alliance Bank’s management team is working closely with them to address this issue with a view to designing a solution that will protect the interests of all of Alliance Bank’s stakeholders, including its creditors, depositors and investors.

Alliance Bank’s investigations are continuing. As soon as further details about the situation are available Alliance Bank will make a further statement.