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Shifts in Board of Directors of Bank TuranAlem and TemirBank

20.12.2006 / Press-service

Three executives from BTA and two independent directors have joined the Board of Directors of Temirbank. Murat Yuldashev has been appointed the Chairman. Electing new Board of Directors has been due to the shifts in the shareholder’s structure. The membership of Temirbank Management Board has been reduced from 5 to 3 members, and Ablakhat Kebirov chairs the Board.

Yerkin Tatishev has entered the BTA Board of Directors, and Zhaksylyk Zharimbet and Murat Yuldashev have become the members of the Bank TuranAlem Management Board. Today at the joint press conference the Chairman of the Board of JSC Bank TuranAlem Saduakas Mameshtegi and the Chairman of the Board of Directors of JSC TemirBank Murat Yuldashev have announced that JSC Temirbank has consociated JSC Bank TuranAlem as a result of acquisition of Temirbank controlling block of shares by JSC Bank TuranAlem.

The Agency of Kazakhstan on Regulation and Supervision of the Financial Organizations and Financial Market and the Committee on Competition Protection of the Ministry of Industry and Trade have approved acquisition of 52.19% majority stock. All formalities of the transaction have been finalized. The purpose of acquisition is to increase BTA Group share in retail banking.

"The core of the new team of Temirbank will include the employees working in Temirbank for a long time and having great experience in banking business. In future, it is planned to increase its personnel as new trends in the bank’s activities will be developed and additional offices will be opened. Dynamic development of Kazakhstani economy challenges to develop new banking services. I believe, - said Saduakas Mameshtegi, the Chairman of the Bank TuranAlem Board, - coming of new shareholders to Temirbank will enable the Bank to extend the scope of services and improve their quality since it is very important for our entrepreneurship including small and medium business. The improvement of the quality of the services will allow the Bank to attract new customers including both natural persons and legal entities. Our priority tasks will be creating common system of strategic and running management, mitigation of system risks, increase of transparency and international rating of BTA Group respectively, - he explained.

Acquisition of the majority voting stock from the current shareholders of JSC Temirbank up to the end of 2006 was scheduled within the framework of the new BTA strategy approved at September session of the Bank’s Board of Directors. The Bank’s strategic goals for 2006-2015 period include consolidation of the Bank’s assets and its increase to $50 billion up to 2015 as well as coming to the leading positions at Kazakhstan and CIS markets in the segments of retail banking, small and medium business financing, corporate services with subsequent absorption of its shares in Kazakhstan – minimum 25%, in Russia – minimum 2%, in other countries of its presence – minimum 5%.

JSC Bank TuranAlem is the core of financial group covering all market segments. BTA is a backbone bank of Kazakhstan, a leader in development of banking network through CIS. As of December 1, 2006 the Bank’s assets have exceeded US $12 billion, the total equity capital has exceeded US $1.6 billion. Bank TuranAlem takes absolute leading position in Kazakhstan in terms of trade finance, small and medium business financing, and mortgage. It also acts as a sponsor of large-scale cultural projects of Kazakhstan. Among them are: Philharmonic Orchestra "TuranAlem", Annual "Concerts on Native Land" with participation of the world renowned artists who are Kazakhs by origin, and the first National Music Comedy Theater by Bulat Atabayev.

JSC TemirBank is a leading retail bank, which is included in top ten banks of Kazakhstan in terms of its assets and equity capital. As of December 1, 2006, the Bank’s assets total $1.4 billion, and equity capital is $200 million. The Bank has 104 selling units.

The BTA consolidated assets total nearly $14.5 billion at the end of 2006.

Banking conglomerate is a group of legal entities including parent and subsidiary companies as well as companies in which parent and/or its subsidiary companies own 20% to 50% of equity, and which meets one of the below mentioned requirements:

- Bank is a parent company or a subsidiary is a bank;
- Bank is not a parent company, but the operations of the Group are mainly concentrated in banking sector, i.e. ratio between consolidated assets of banks and companies carrying out separate types of banking operations of the Group and the Group consolidated assets is 40% and more;
- Bank is not a parent company, but the Group includes one bank and other financial institution.