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The first bilateral agreement, on transparency of activity, signed with AFS

10.04.2006 / Press-service

On 27 March Bank TuranAlem and Agency on Regulation and Supervision of Financial Markets and Financial Organizations (AFC) signed mutual memorandum "On collaboration and interaction regarding the issues of transparency of JSC "Bank TuranAlem".

The aim of the memorandum, signed by Chairman of the Agency, A.Dunayev and Bank’s Chairman of the Board of Directors, M.Ablyazov, is to aspire the correspondence to legislative norms and to increase the level of social trust to banking system. According to the memorandum, Bank TuranAlem voluntarily commits to undertaking measures aimed at exposure of information about Bank’s major proprietors, list of controlled organizations, shareholders’ representatives and independent Directors – members of the Board, development strategy for 5 years and its priority directions of activity.

Having signed the document the Bank is obliged to undertake measures to provide accessible and reliable information to its potential investors, clients and other concerned persons. All information regarding the Charter and changes to it, issue circulars, audit conclusions, information about considerable changes, concerning the interests of shareholders, information on shareholders meetings and decisions by the Board of Directors will be published on Bank’s web-site. Memorandum can be canceled on the initiative of any

Republic of Kazakhstan Agency on Regulation and Supervision of Financial Markets and Financial Organizations is the State organ directly subordinate and accountable to the President of the Republic of Kazakhstan. The Agency acts to provide economic stability and support the trust to financial system, to provide necessary level protection of customers’ interests and creation of equal conditions for financial organizations, aimed at healthy competition in financial market.

JSC "Bank TuranAlem" – the system-making bank of Kazakhstan, the leader in creation of banking network on the territory of CIS. Bank’s assets exceed $8 billion; equity capital exceeds $1.37 billion. Bank’s shareholders are the world largest institutions such as EBRD, RZB, IFC and FMO. In Kazakhstan the Bank confidently holds the leading position among the second-tier banks in the field of trade financing, SME loans and mortgage lending. Bank’s development strategy includes geographical diversification and the expansion of the range of provided services, as well as stable dynamic growth.