Seimar Alliance Financial, the major shareholder of Alliance Bank, has decided to sell 76% of the bank’s voting shares to Samruk-Kazyna National Welfare Fund.
Alliance Bank said that this decision was made by mutual agreement of the parties with the objective of further capitalisation and increased financial stability of the bank.
Samruk-Kazyna Fund and Alliance Bank have agreed to the bank’s participation in all actions provided for by the joint action plan of the Kazakhstan government, National Bank and Agency for the regulation and supervision of the Financial Market and Financial Organizations (FMSA) for the economic and financial system stabilisation for 2009-2010.
Alliance Bank will operate the funds that are allocated for the support of the state real sector lending volumes including those assigned under the private business support programme realised by “Damu” Small Business Development Fund.
Samruk-Kazyna National Welfare Fund and Alliance Bank signed the bank deposit agreement for the placement of a KZT24 billion deposit with the bank to support its financial stability and further capitalisation.
Seimar Alliance Financial will continue to be one of the bank’s shareholders. Management of Alliance Bank operates in the current status and all changes will be approved pursuant to the corporate governance rules.
