28 Sep 2009 17:22

IFC acquires 12.5% in Kazakhstan

ALMATY. Sept 28 (Interfax) - The International Finance Corporation (IFC) is acquiring around 12.5% of the charter capital in Kazakh commercial bank CenterCredit, the bank said in a statement.

In addition, the IFC will provide the bank an $85 million subordinated loan, which "will help increase access to financing for the bank's clients - small and medium-sized businesses in Kazakhstan."

At the same time South Korea's Kookmin Bank will increase its stake in CenterCredit from 30.5% to 40.1% or higher.

It was earlier reported that the completion of CenterCredit's deals with Kookmin Bank and the IFC could be delayed until the first quarter of 2010.

Kookmin Bank earlier planned to boost its stake in CenterCredit's charter capital to 50.1%.

CenterCredit is one of the oldest private banks in the former USSR. Bakhytbek Baiseitov founded the bank in 1988 and has remained the bank's leading shareholders with a 36.4% stake. Kookmin Bank owns 30.55% while the remaining shares are distributed between the bank's top-managers and investors.

In 2008 Bank CenterCredit was ranked 24th by assets among the CIS banks and 6th among the Kazakh commercial banks according to the Interfax-1000: CIS Banks ranking prepared by the Interfax Center of Economic Analysis.