OREANDA-NEWS. On August 27, 2008 Bank CenterCredit (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the press release of the following content, reported the press-centre of KASE:

On August 27, 2008, Kookmin Bank of Korea ("Kookmin") acquired a 23% stake in JSC Bank CenterCredit ("BCC") for KZT59.9 billion (equivalent to USD500 million). Kookmin obtained all necessary regulatory approvals, including the approval of the Agency for the Protection of Competition and the approval of Agency for the Regulation and Supervision of the Financial Market and Financial Organizations of the Republic of Kazakhstan.

Through the acquisition of this initial 23% equity stake, Kookmin becomes the second largest shareholder in BCC. Kookmin also plans to acquire an additional stake of 7% by the end of the year and to eventually take a controlling stake in BCC by securing a total of 50.1% stake within 30 months. Kookmin's total investment in BCC amounts to USD1.27 billion and represents the largest overseas M&A transaction by a Korean financial institution.

Kookmin is the largest financial institution in Korea, with more than 26 million customers, 1,204 branches and 9,570 ATMs nationwide, and USD 233 billion in total assets as of December 31, 2007. Headquartered in Seoul, Kookmin is listed on the Korea Exchange and the New York Stock Exchange and has additional presences in Hong Kong, Tokyo, London, Auckland, New York, Guangzhou, Almaty, Kiev, Ho Chi Minh City and Jakarta.

The partnership between Kookmin and BCC will enable two leading institutions to combine their skills and expertise to take advantage of tremendous business opportunities and further enhance BCC's competitive position. For the purpose of such business cooperation, Kookmin is planning to participate in BCC's management by appointing two members of the BCC Board of Directors and as well as participating at the Senior Executive Vice President and Executive Vice President-level. Kookmin is also arranging to transfer its advanced financial technology to BCC by seconding specialist employees in the areas of risk management, CRM, CMS, credit analysis, customer satisfaction, product development, and marketing.

At a General Shareholder's Meeting to be held later today, BCC is planning to appoint Dong Soo Choe, Kookmin's former Senior Executive Vice President of the Credit Group, as a Standing Director, and Cheon Sik Yang, former Chairman and President of the Export-Import Bank of Korea, as an Independent Director.