At the end of 2011, BTA bank announced that it plans another restructuring of its debts and it is planned to scrutinize this issue at a meeting of shareholders, which happened on January 26th, 2012 in Almaty. At the same time, Samruk-Kazyna, which is the main shareholder of the bank, said that it supports the suggestion of BTA bank on the restructuring of part of its debt.
BTA bank is continuing to negotiate with its creditors. This week, Almaty witnessed a meeting of shareholders of the bank, which involves global depositary receipts holders. At the meeting, shareholders decided to carry out another restructuring. The meeting involved only a small number of investors.

Anvar Saidenov, Chairman, BTA Bank
«The voting involved only 18% of the total number of global depositary receipt holders. That is why we believe that such voting is neither representative nor represents all holders of depositary receipts and all shareholders.»

At the end of 2011, the bank allowed technical default on its liabilities while development of the plan of the second restructuring. Today the bank possesses the necessary liquidity to serve its clients. However, the conditions of the first restructuring could interfere with the stable development of BTA bank in the medium-term prospect.

Anvar Saidenov, Chairman, BTA Bank
«It works from the point of view of present operations in business as usual. The bank has short-term liquidity, which allows servicing of both individuals and legal entities. We are implementing all our liabilities.»

On Friday, a team of senior managers went to London for negotiations on the creation of a creditors’ committee. As soon as this committee is created, it is planned to start discussing the restructuring.

Anvar Saidenov, Chairman, BTA Bank
«The negotiations we are organizing prove that the situation with BTA bank is changing for the better. There is even formally expressed agreement to participate in the committee of creditors from a number of institutions, who represent the interest of the creditors. I believe that by the end of these negotiations, we will form a group of creditors, which will represent all classes of investors. In general, we have taken good news from London.»

BTA bank is a strategic bank of Kazakhstan and is owned by the five largest financial institutions of the country. Currently, the foreign liabilities of the bank equal about 4 billion US dollars.