OREANDA-NEWS. January 15, 2010. Alliance Bank (Almaty), listing on the Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:

Quotation begins

Alliance Bank announced on the launch of a Special small and middle business loan restructure program. The program is a complex of systemic decisions, aimed at reduction of debt load on bank borrowers - small and middle businesses.

This is a two-stage program. At the first stage, debts expired 60 days ago may be restructured January 15 through March 1 this year. The following restructuring terms will be offered:

- up to 15% interest rate reduction for USD and EUR-denominated loans, and 16% for KZT-denominated loans;

- up to a 24-month loan extension (to reduce monthly payments and debt load);

- cancellation of accrued fine for untimely loan redemption;

- up to a 6-month soft period.

The second stage March 1 through May 1, other borrowers will be able to restructure debt. The borrowers will be offered better restructure terms, including up to 14% interest rate reduction of USD and EUR-denominated loans, and 15% for loans denominated in KZT.

The program will cover loans, issued under the bank's loan programs to small and middle businesses. The program will as well cover:

- loans, issued under state small and middle business support programs   (through Fund of entrepreneurship development Damu);

- expired loans, in regard of which the bank's authorized bodies decided to   initiate pretensions and claims to collect debt;

- loans, received by borrowers, which avoid to contact the bank;

- conditional obligations, overdraft, leasing.

Head of small and middle business department Karlygash Aralbekova commented on the Bank's decision: "The Program is the next step of the bank to help to own borrowers. The main aim of the program - reduction of debt load on small and middle business struggling to repay loans. Making a decision on the Program development, we were striving to account for needs of our clients and set most comfortable terms for debt restructuring, including reduction of interest rate to the minimum, extension of loan terms, soft period in regard of the main debt, cancellation of fines for untimely payment. We expect the program to lower monthly payments on average 30%".