OREANDA-NEWS. On December 11, 2008 Bank CenterCredit (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), disseminated the press release on completion of additionally issued shares placement, reported the press-centre KASE:

Additional investments of the strategic partner South Korean holding Kookmin Bank in Bank CenterCredit stake made up about USD140 m. Thus, the principal foreign participant stake in the capital of Kazakhstan bank increased from 23% to 30.5%.
 
This placement is the next step towards implementation of terms of signed in August 2008 agreement on the ling-term partnership between Kookmin Bank and Bank CenterCredit.

As informed before, the Government of the Republic of Kazakhstan decided to provide consultations on participation ion Bank CenterCredit authorized capital, the sixth largest commercial bank of Kazakhstan. As a result of negotiations with the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations, and internal discussions of this proposal bank principal shareholders decided to desist from the government financial support.

- Existing shareholders of Bank CenterCredit are able to independently support additional capitalization, if necessary, based on the Agreement with Shareholders of August 25, 2008. Our strategic partner, Kookmin Bank, confirmed its intentions on the long-term presence in Kazakhstan Stock Exchange and Central Asian countries, having invested into the authorized capital of Bank CenterCredit additional USD140 m., - commented Chairman of Bank CenterCredit Board Vladislav Lee.

Bank CenterCredit activities are aimed at provision of services to the small and media size business segments. In these market segments as well as in the retail business the bank takes the significant market stakes - over 10%.

Parties developed the integration plan for the nearest three years, based on which financial institutions implement activities on transfer of key risk management competence, card products development, exchange business experience in corporate and retail segments, introduction into Bank CenterCredit activities of modern information technologies.