Kookmin buys 30% of Kazakhstan's CenterCredit

The Korean bank will pay $634 million for the stake as it diversifies its revenue sources away from domestic lending.

South KoreaÆs biggest lender, Kookmin Bank, announced yesterday that it intends to pay W623.1 billion $634 million for a 30% stake in KazakhstanÆs CenterCredit, and plans to take its holding above 50% within the next 30 months.

Kookmin will become the second largest shareholder in KazakhstanÆs sixth largest bank, but is paying a hefty three times book value compared with its own 1.25 times valuation to enter the natural resources rich Central Asian region, where it hopes ôto secure...

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