The Specialized Financial Court of Almaty has admitted the legitimateness of BTA Bank’s restructuring process23.10.2009
On October 16, the Specialized Financial Court of Almaty has decided to allow the statement in full from BTA Bank on its restructuring. In accordance with the law of the Republic of Kazakhstan “On banks and bank activities” the decision on Bank restructuring was recognized reasonable and competent in meeting all legislation requirements.
In this connection the Bank is prescribed to present and approve in front of Creditors’ meeting the restructuring plan which would be considered fair enough for all creditors on restructuring obligations of the Bank.
As it was stated, the negotiations on restructuring of BTA’s external debt are going on within the limits designated by AFN (Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations - FSA). At present, the Bank has signed the MOU with Creditor’s Committee and has received an approval of the Bank’s option of its restructuring plan from FSA. By December 7, the Bank should sign the agreement with Creditors’ Committee of the Bank and to submit it to FSA. The aim of restructuring is to satisfy FSA regulative demands on capital adequacy on the moment of restructuring effectiveness and fair offset of debt to creditors of the Bank.
BTA Group is a leading banking network in the CIS.
The network of BTA’s partner banks extends to Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA’s representative offices operate in Russia, Ukraine, China, and UAE.
The bank has one of the largest branch networks in Kazakhstan (22 branches with 237 service locations) along with an extensive chain of ATMs (864) and self-service terminals (160). BTA serves about 1.2 million retail and 132,000 corporate customers.
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