OREANDA-NEWS. August 03, 2009. Alliance Bank (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the following press release, reported the press-centre of KASE:

Alliance Bank informed that the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS) by resolution # 163 of July 21, 2009 approved Alliance Bank restructuring and recapitalization plan (hereinafter - the Plan). The Plan approval is the next step to the financial organization improvement.

The document describes activities of the Bank to decrease the debt and restore equity capital up to the adequate level.

The necessary recapitalization will be made through the written-off debts and its partial conversion to the Bank capital as a result of restructuring, and at the expense of NWF Samruk-Kazyna investments. Previously the Bank informed on signing of the Memorandum of Understanding with the Creditors' Steering Committee and the Memorandum of Understanding with NWF Samruk-Kazyna, which are the Plan integral part.

Alliance Bank will undertake legal procedures to implement these activities. It is expected that the Bank will complete debts restructuring and recapitalization by mid November of 2009.