OREANDA-NEWS. January 26, 2010. Alliance Bank (Almaty), bonds of which are present in Kazakhstan Stock Exchange (KASE) official list, informed on termination of authorities of some of its Board of Directors members and election of new ones. Decisions were made during the meeting with Creditors Committee – Alliance Bank future shareholders - and Samruk-Kazyna managers" - present holder of 100% of the Bank shares, reported the press-centre of KASE.

At the meeting partners discussed corporate management issues and further development. Parties agreed on principal issues of the Bank activities.

By the meeting results were elected new Board of Directors members entered (including M. Kabashev, Chairman of Board of Directors): A. Karibzhanov, K. Khairova, K. Aitenov, Briggs Peter - independent director.

Authorities of Board of Directors members M. Seosenbaev, F. Battakov. S. Seifullin, May Robert, Georgiy Seletskiy were terminated.

F. Karibzhanov was elected as the Bank Board of Directors Chairman.

In the nearest future will be elected one more independent director, who will be presented by the Creditors Committee.

As previously informed at present the only shareholder of Alliance Bank is Samruk-Kazyna. According to the restructuring plan Alliance Bank will be additionally capitalized by Samruk-Kazyna in the size of KZT129 bn through issue of common shares to the amount of KZT24 bn and conversion of bonds to preferred shares to the amount of KZT105 bn.

Also, according to the plan creditors will participate in this capitalization, who will convert their claims to the bank shares.

As a result in March of 2010 the restructuring will be completed and Alliance Bank shares will be distributed as follows: 67% of shares - Samruk-Kazyna, 33% of shares - creditors.