OREANDA-NEWS. December 01, 2009. Subsidiary of joint stock company BTA Bank-Temirbank (Almaty), securities of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the following press release, reported the press-centre of KASE:

Hereby, Subsidiary of joint stock company BTA Bank-Temirbank informs depositors, creditors, correspondent banks and other clients on the following.
                                                                            
On November 23, 2009, Almaty Specialized Financial Court (hereinafter – the Court) made a decision on restructuring of Temirbank. The Court decision became effective from November 23, 2009 and is due to be carried out.

Temirbank is being restructured to improve its financial status and performance quality. Temirbank is being restructured in compliance with the written agreement between Temirbank and the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations.

Temirbank will be restructured within period and order, established by the legislation of the Republic of Kazakhstan. The plan will involve the restructuring of the international bond guarantees and domestic bonds, certain trade finance-related transactions and certain related-party obligations of Temirbank.

All retail and commercial deposits (with the exception of certain related party deposits) and the bank's other operating liabilities, including advisors' fees will be excluded from the restructuring.

Individual depositors continue to be protected under the state system of mandatory guarantees of deposits. In accordance with the relevant legislation of the Republic of Kazakhstan, the bank deposits of individuals in Temirbank and other second tier banks are currently guaranteed up to the amount of KZT5 million.

No payments of interest (including default interest) or any principal due in relation to the debt that is to be restructured will be made from November 23, 2009. Interest accruing between November 23 and the restructuring date will be part of the restructuring

JSC Temirbank will provide further information on the proposed restructuring on its website (www.temirbank.kz) and via other public channels once it becomes available.

Approval of the restructuring plan by the Almaty Specialized Financial Court has triggered a moratorium suspending any claims against Temirbank and prohibiting foreclosure on Temirbank property.