Jsc Halyk Reg S Regulatory News (HSBK)

14 Dec 2007 15:25

JSC Halyk Savings Bank Kazakhstan14 December 2007 14 December 2007 JSC Halyk Bank of Kazakhstan Comment on administrative proceedings instituted against Halyk Bank JSC Halyk Bank of Kazakhstan (Halyk Bank) (LSE: HSBK) would like to provide thefollowing comment further to the information note posted of Kazakhstan StockExchange on 14 December 2007 regarding the administrative proceedings institutedby the Agency of Kazakhstan on Regulation and Supervision of Financial Marketsand Financial Organisations (FMSA). These administrative proceedings are instituted against Halyk Bank as a resultof breaching the reporting deadline for opening of the two new regional branchesearlier in 2007. According to the legislation of the Republic of Kazakhstan, theopening of the branch is to be reported to FMSA within 30 days of registrationof the branch with the Ministry of Justice of the Republic of Kazakhstan. HalykBank reported to FMSA on the opening of these two branches in 5 and 6 daysrespectively after the regulatory deadline. Halyk Bank does not consider these administrative proceedings to have anymateral effect on its business or operations. Management has taken necessaryactions to prevent re-occurence of such instances in the future. The text of announcement on Kazkhstan Stock Exchange is quoted below: AFS instituted administrative proceedings against Halyk savings bank ofKazakhstan JSC /KASE, December 14, 07/ - Halyk savings bank of Kazakhstan JSC(Almaty), securities of which are traded in Kazakhstan stock exchange's(KASE) category "A" official list, had informed KASE that according toresolution of Agency of Republic of Kazakhstan for regulating andsupervision over financial market and organizations (AFS) dated November9, 2007 bank was called for account by article 175-2 of Code of Republic ofKazakhstan about administrative transgressions. (2007-12-14) - ENDS - For further information please contact: Financial Dynamics London: Paul Marriott +44 (0)20 7269 7252 David Cranmer +44 (0)20 7269 7217 Moscow: Leonid Solovyev +7 495 795 06 23 This information is provided by RNS The company news service from the London Stock Exchange