Kazakh FSA approved Temirbank’s debt restructuring plan

April 13. Interfax-Kazakhstan. Almaty

Kazakh FSA approved Temirbank’s debt restructuring planKazakh State Agency for Statistics has approved Temirbank’s (BTA Bank’s subsidiary) debt restructuring plan, the bank announced on Monday.

According to the report, restructuring plan now requires approval by the Specialized Financial Court of Almaty. A hearing is scheduled for Wednesday 28th April 2010 at 11am Almaty time.

The bank reminded that the approval of the Court is a pre-condition to the completion of the restructuring.

Temirbank specified that all retail and commercial deposits (with the exception of certain related party deposits) and the bank’s other operating liabilities, including advisors’ fees would be excluded from the restructuring.

“Deposits will continue to operate in the normal way and will not be subject to any discounting or adjustment as a result of the restructuring,” the bank reported.

Temirbank added that Individual depositors would be protected under the state system of mandatory guarantees of deposits.

In December 2009 Temirbank and the steering committee of its creditors approved and signed the term sheet. The same month Temirbank said it was going to ask the FSA and the special financial court of Almaty to extend the deadline for the creditors to approve the restructuring from December 30, 2009 to March 31, 2010. The court approved the new deadline.

Temirbank and its parent company BTA Bank are now restructuring the debts.

In the first half of 2009 Temirbank was ranked 78th by assets among the CIS banks and 10th among the Kazakh bank according to the Interfax-1000 ranking prepared by the Interfax Center of Economic Analysis, BTA Bank was ranked 8th and 1st respectively.