Alliance Bank JSC completed the acquisition of ForteBank Joint Stock Company from Bulat Utemuratov and others.
As of November 26, 2014, the transaction was approved by The State Financial Supervision Committee of the Kazakh National Bank. The creditors of JSC Alliance Bank approved the transaction on November 19, 2014. On December 10, 2014, Alliance Bank obtained consent of the National Bank of the Republic Kazakhstan on the consolidation. The deal has been approved by the court on December 12, 2014. As of December 17, 2014, it was announced that the transaction is expected to close by January 31, 2015. Lazard Frères acted as financial advisor while White & Case LLP acted as legal advisor for JSC Alliance Bank.
Alliance Bank JSC (BDL:049726848) completed the acquisition of ForteBank Joint Stock Company from Bulat Utemuratov and others on January 1, 2015. The merger was approved by the shareholders of Alliance Bank at their extraordinary general Meeting on December 30, 2014. Alliance Bank JSC will now be renamed as Joint Stock Company ForteBank. Serik Amanzholovich Svyatov and Anuar Bolatovich Utemuratov are to be elected as members of the Board of Directors of the Bank, Rustem Sabitovich Bekturov and Azamat Myrzadanovich Joldasbekov are to be elected as members of Board of Directors of Bank as Independent Directors, and Timur Rizabekovich Issatayev, Chairman of the Management Board of the Bank, to be elected as a member of Board of Directors of Bank.