Korean bank intends to sell its Bank CenterCredit shares

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ASTANA. KAZINFORM Korean Kookmin Bank intends to sell its stake in Kazakh Bank CenterCredit (BCC), Korea Times reports.

According to the newspaper, the Korean bank confirmed on Sunday that it would hold talks on sale of its shares in BCC at the Board meeting this week in Kazakhstan.

Kookmin Bank (Kookmin Bank) is one of the largest banks in South Korea in assets and market capitalization. KB's share in BCC is 41.9%. Koreans aquired its shares in BCC in 2008 for 939.2 billion won. International Finance Corporation IFC, a member of the World Bank Group, participated in the transaction as co-investor. The Corporation owns a 10 percent stake in BCC.

On August 19, 2010 Financial Supervisory Service of Korea fined Kookmin Bank for the mistakes in bank management taht resulted in losses. In particular, the management of Kookmin Bank was accused of purchasing the shares of BCC in August 2008 in the period of the global financial crisis.

As a result, CEO of Kookmin bank Kang Chung-won was dismissed from his post in 2010.

BCC is among the five largest banks in Kazakhstan.

"The global financial crisis hit the bank, which is actively involved in the mortgage business. The value of shares in BCC Kookmin Bank fell even more after Kazakhstan devalued the tenge in 2014" says the article.

 

 

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