BTA Bank performs well and ensures adequate liquidity 26.06.2009
BTA Bank JSC informs that negative capital indicated in the Bank’s report for the period of 5 (five) months is the reflection of previously announced facts on losses under loans issued by former bank’s managers to its affiliates including financing of foreign projects. Such losses in the amount of KZT1.413 billion have been confirmed by international audit company Ernst & Young soon after audit of 2008 performance. This audit ended in May and is a standard, annual procedure. Audit results have been included into Bank’s report for the month of May 2009.
The Bank underlines that despite losses under the loans, the Bank is actively working on recovery thereof, it is also engaged in debt collecting and restructuring and is taking all relevant measures in case of any repayment problems.
Bank’s current performance is normal: services its customers, issues loans to both legal entities and individuals inter alia under governmental programs ensuring an adequate liquidity level. At the same time the Bank together with financial and legal advisers is actively working on the plan to restructure its foreign debt, creation of a financial model and further development strategy. These measures shall ensure effective asset and liability management, adequate liquidity, well-balanced and profitable credit portfolio, following regulatory requirements and maintaining of efficient mechanisms of trade activities with focus on Kazakhstan.
BTA Group is one of the leading banking networks 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 274 service locations) along with an extensive chain of ATMs (835) and self-service terminals (160). BTA serves about 1.2 million retail and 132,000 corporate customers.
For media contacts:
BTA Bank, Brand Office
Tel.: +7 (727) 266-47-99
Fax. +7 (727) 250-12-55