Issue of Equity

RNS Number:0090O
JSC Halyk Savings Bank Kazakhstan
15 December 2006


 **NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA 
  (INCLUDING ITS TERRITORIES AND POSSESSIONS), CANADA, JAPAN OR AUSTRALIA**


This press release is not a prospectus but an advertisement. Investors should
not subscribe for any transferable securities referred to in this announcement
on the basis of this information.





For Immediate Release
                            15 December 2006





                 JSC HALYK SAVINGS BANK OF KAZAKHSTAN ANNOUNCES
                         THE LAUNCH OF A RIGHTS ISSUE



JSC Halyk Savings Bank of Kazakhstan ("Halyk Bank" or the "Bank") today
announces the launch of a rights issue (the "Rights Issue") to holders of
ordinary shares registered prior to the global offering (the "Global Offer") of
existing shares in the form of global depositary receipts ("GDRs"), each GDR
representing four ordinary shares. The record date is 14 December and holders of
GDRs will not be eligible to participate in the Rights Issue. The Rights Issue
will consist of 55,000,000 ordinary shares priced at KZT511.92 per share,
raising approximately KZT28,156 million.



Halyk Bank is one of Kazakhstan's leading banks, with the largest retail
customer base and distribution network of any bank in Kazakhstan. The Bank is
developing as a universal financial services group offering a broad range of
services (banking, pensions, insurance, leasing, brokerage and asset management)
to its retail, SME and corporate customers.





Contact details

Halyk Bank
Dauren Karabayev                 +7 3272 59 88 66
Galym Pirmatov                   +7 3272 59 60 81
Ainur Ilyassova                  +7 3272 59 04 27





Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of the Bank. You can identify forward looking statements by terms
such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could,
" "may" or "might" the negative of such terms or other similar expressions. The
Bank wishes to caution you that these statements are only predictions and that
actual events or results may differ materially.  The Bank does not intend to
update these statements to reflect any events or circumstances occurring after
the date hereof or to reflect the occurrence of unanticipated events. Many
factors could cause the actual results to differ materially from those contained
in projections or forward-looking statements of the Bank, including, among
others, general economic conditions, the competitive environment, risks
associated with operating in Kazakhstan, as well as many other risks
specifically related to the Bank and its operations.



Neither this press release nor any copy of it may be taken or transmitted,
directly or indirectly, into the United States (including its territories and
dependencies, any State of the United States and the District of Columbia),
Australia, Canada or Japan.  This press release does not constitute or form part
of any offer or invitation to sell, or any solicitation of any offer to purchase
nor shall it (or any part of it) or the fact of its distribution, form the basis
of, or be relied on in connection with, any contract therefor. The offer and the
distribution of this press release and other information in connection with the
listing and offer in certain jurisdictions may be restricted by law and persons
into whose possession any document or other information referred to herein comes
should inform themselves about and observe any such restriction.  Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction.



This communication is only directed at (i) persons who are outside the United
Kingdom or (ii) to investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 
"Order") or (iii) high net worth entities, and other persons to whom it may
lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order
(all such persons together being referred to as "relevant persons"). Any person
who is not a relevant person should not act or rely on this communication or any
of its contents.



This document does not constitute or form part of any offer or invitation to
sell or issue or any solicitation of any offer to purchase or subscribe for any
securities.



These materials are not an offer for sale of, or a solicitation of an offer to
purchase or subscribe for, any securities of Halyk Bank in the United States.
Securities of the Bank may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act of
1933, as amended.  The Bank has not registered and does not intend to register
any portion of the offering in the United States or to conduct a public offering
of any securities in the United States.



Information contained in this press release does not constitute a public offer
or an advertisement of the GDRs in Kazakhstan, is not an offer, or an invitation
to make offers, to purchase GDRs in Kazakhstan.  The GDRs have not been and will
not be registered in Kazakhstan and are not intended for "placement" or "public
circulation" in Kazakhstan.


                      This information is provided by RNS
            The company news service from the London Stock Exchange


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