Alliance Bank’s negative equity up 70% in H1

Sept  25. Interfax. ALMATY

Alliance Bank's negative equity up 70% in H1Kazakhstan’s Alliance Bank saw its negative  equity  in  the  first  half of 2009 increased by 70% to 380.9 billion  tenge (150.93 tenge/$1 on September 25, 2009), the bank said in its consolidated IFRS results.

The  bank’s  assets  dropped by 10.6% to 669.3 billion tenge in the six months while debts went up by 7.7% to 1.05 trillion tenge.

The  bank’s  charter capital in the period went unchanged coming to 96.4 billion tenge at the end of June.

In  January-June  2009,  the bank posted 153.3 billion tenge in net losses for  January-June  2009  against  10.2  billion tenge in the same period of 2008.

Seimar  Alliance  Financial  Corporation  is  Alliance  Bank’s main shareholder  at present. The main beneficiary in the bank is businessman Margulan Seisembayev.

In  mid-July,  Alliance  Bank and the national welfare fund Samruk-Kazyna signed   an  agreement  stipulating  the  fund’s  purchase  of  a controlling packet in the bank.

In 2008 Alliance Bank was ranked 20th by assets among the CIS banks and 4th  among the Kazakh banks according to the Interfax-1000: CIS Bank ranking prepared by the Interfax Center of Economic Analysis.