S.Korea’s Kookmin To Sell Stake In Kazakh Lender

S.Korea's Kookmin To Sell Stake In Kazakh Lender

(Reuters) – South Korea’s Kookmin Bank plans to sell its 41.93 percent stake in Kazakhstan’s Bank CenterCredit to a group of Kazakh investors that includes Tsesnabank, CenterCredit said in a bourse filing on Wednesday.

Among the buyers is also CenterCredit chairman Bakhytbek Baiseitov, who also plans to purchase a 10 percent stake from the International Finance Corporation, a private-sector arm of the World Bank, CenterCredit said.

CenterCredit, Kazakhstan’s fifth-biggest lender with assets of $4.1 billion, provided no pricing details in the statement. Tsesnabank is Kazakhstan’s third-biggest lender by assets.

Kookmin bought a 30 percent stake in CenterCredit for about $500 million in 2008, just before Kazakhstan’s banking system was hit by the fallout from the United States sub-prime mortgage meltdown. Kookmin said at the time that it would eventually become a controlling shareholder. (Reporting by Olzhas Auyezov; Editing by David Goodman)

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