Alliance Bank’s negative equity up 70% in H1
Sept 25. Interfax. ALMATY
Kazakhstan’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.