OREANDA-NEWS. On February 05, 2009 Maxat Kabashev, former Chairman of the Board of JSC Distressed Assets Fund, was appointed as the Chairman of the Board of JSC Alliance Bank by the decision of the Board of Directors of JSC Alliance Bank, reported the press-centre of Alliance Bank.

The decision on changes to the management of the Bank was made by the Board of Directors in view of the necessity to meet new challenges that the bank faces in times of the global financial turmoil. Alliance Bank is expected to play an active role in the realization of the Kazakhstan Government’s anti-crisis measures.

In accordance with the decision of the Bank’s major shareholder – JSC Samruk-Kazyna National Welfare Fund – Alliance Bank is regarded as the key operator of the state funds allocated for the support of small and medium businesses including agricultural entrepreneurs.

Maxat Kabashev has an extensive working experience on the top managerial positions in the key state institutions of development which would help him to succeed in the management of Alliance Bank in the current economic environment.

Also, Kadyrzhan Kabdoshevich Damitov was appointed as an Adviser to the Chairman of the Board of the Bank.

Kadyrzhan Damitov, 49 years old, formerly chaired the National Bank of Kazakhstan and was an economic advisor to the President of Kazakhstan as well.

As recently reported, on 2 February, 2009, Seimar-Alliance Financial Corporation decided to sell 76% of the total voting shares to Samruk-Kazyna Fund. Samruk-Kazyna National Welfare Fund and Alliance Bank signed the Bank Deposit Agreement for placement of a KZT 24 billion deposit with the Bank to support its financial stability and further capitalization.