OREANDA-NEWS. March 01, 2010. Bank CenterCredit (Almaty), securities of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the following press release, reported the press-centre of KASE:

Kookmin Bank of Korea ("Kookmin") and International Finance Corporation ("IFC") closed their equity transaction with JSC Bank CenterCredit ("BCC"). As it was agreed in the legal documentation signed in September 2009, Kookmin increased its stake in BCC to 42% and IFC acquired 10% of  BCC's total issued and paid shares.

The structure of this transaction included purchase by both Kookmin and IFC existing and newly issued shares of BCC. As a result, BCC received strong capital support amounting to KZT17.2 billion (equivalent of USD116 million) through the issuance of approximately 18 million common and 39 million preferred shares convertible into common shares.

Mr. Vladislav Lee, Chairman of the Management Board of BCC, noted that "this important alliance with IFC and Kookmin Bank will allow BCC to strengthen its positions in the local market and to confirm its strong reputation as a reliable partner with high level of transparency, business driven strategy and qualified management. We believe that this transaction will serve as a strong signal of confidence in the economic potential of Kazakh economy and Kazakh banking
sector to the international financial community."

The partnership between three financial institutions, Kookmin, IFC and BCC, will enable the Kazakh bank to further strengthen its solid positions in the market and to reaffirm its positive image as well managed, conservative and transparent financial entity.