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Almaty: Changes in the Board of Directors

14.10.2005 / Botagoz Alzhanova, Head of International Division

Changes to the Bank's Charter and the Corporate Governance Code were the topic of the extraordinary GMA held today. Mr. Anatoliy Pogorelov, Ms. Akmaral Ablyazova and Mr. Niyazbek Gabdullin, all former Deputy Chairpersons of BTA’s management board, were introduced as the new members of the Board of Directors.

The changes were riding on the Bank’s shareholders’ striving for enhanced corporate governance and importance of the Board of Directors’ involvement, as a key body of the Bank which determines the development strategy and other principal issues of the Bank’s activity. Professional and experienced management possessing appropriate qualified and personal skills will be fully capable of supporting a stable development of the Bank and its transparency for international investors.

Changes to the Bank’s Charter were necessitated by the amendments made to the Law "On Joint-Stock Companies".

Introduction of the Corporate Governance Code will contribute to implementation of a high-level business ethics in relationships both within the Bank and with other market players.

Therefore, decisions adopted at the shareholders’ general meeting are designed to increase effectiveness at all levels of the Bank’s governance.

Bank TuranAlem is a leading commercial bank in Kazakhstan, establishing its banking network throughout the CIS. Currently BTA's assets exceed U.S.$5.78bn, total equity exceeds U.S. $635mm. The world’s largest development institutions (IFC, EBRD, FMO and RZB) are the shareholders of BTA. Bank TuranAlem strongly maintains a leading position among the commercial banks in Kazakhstan, with significant dominance in trade finance, SME and corporate finance and mortgage lending. Development strategy of BTA is focused on geographic diversification within the CIS and the broadening the scope of banking products, as well as stable dynamic growth.

If you have any questions, please contact:
Botagoz Alzhanova, Head of International Division, JSC "BTA"
Tel. 8 (3272) 504-074, Fax: 8(3272) 500-662; e-mail: albot@bta.kz