Kookmin Bank increases its stake in Bank CenterCredit to 42%, IFC acquires 10%

Almaty, February 25 2010

Interfax-Kazakhstan - South Korean Kookmin Bank and the International Financial Corporation (IFC) have finalized the acquisition of stakes in Kazakhstan-Based Bank CenterCredit.

Bank CenterCredit says in a statement that Kookmin Bank increased its holding to 42% and IFC acquired 10% of all the issued and paid shares of the Kazakh bank.

According to the statement, Kookmin Bank and IFC purchased both existing and new shares of Bank CenterCredit.

Through the issue and flotation of about 18 million ordinary shares and 39 million preferred shares, which are convertible into common shares, Bank CenterCredit raised 17.2 billion tenge ($116 million) of additional shareholders' capital.

As reported, Kookmin Bank intended to increase its share up to 40%, IFC to acquired a 12.5% holding.

In the first half of 2009 Bank CenterCredit was ranked 29th by assets among the CIS banks and 5th among the Kazakh banks according to the Interfax-1000: CIS Bank ranking prepared by the Interfax Center of Economic Analysis