Alliance Bank Shareholders support Government and Presidential Policy

    Shareholders of Alliance Bank have voluntarily proposed the government buy a 76% stake in the bank, Chairman of the Board of Directors at Alliance Bank Margulan Seysembaev announced in Almaty at a special press conference, Kazinform correspondent reports.
    According to Seysembaev, the opposition media and Internet have recently increased speculative rumors on nationalization, corporate raiding, and license revocations by the state regarding Alliance Bank and BTA Bank.
    "They have not made any direct statements, but hint at the forced capitalization of BTA Bank, thus politicizing the process and bringing us into the political game,” he said.
    It was noted that at the time of the proposal the bank had not violated any prudential regulations of the Financial Supervision Agency and was not under the threat of license revocation. Over the past three months, Alliance Bank’s deposits increased by 25 billion tenge.
    “The bank’s shareholders expressed their appreciation to the government and the head of state for accepting their proposal and providing assistance. In the current crisis, only the state will be able to save the banking system. We can risk the money of our clients, investors and the public. Our priority is to preserve our clients’ money and the stability of the financial system, not shareholders' private interests,” the head of the bank said.
    The bank’s shareholders announced they would fully support all government efforts to stabilize the situation in the banking sector, in particular at Alliance Bank.
    “The bank’s shareholders live in Kazakhstan, and they are not going to leave the country and are willing to take responsibility for their actions. We declare we have not and will not participate in any political activities and will not be susceptible to various political provocations. We operate exclusively within the law…,” Mr. Seysembaev emphasized, Kazinform reports.