kookmin-buys-30-of-kazakhstans-centercredit

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 future growth momentumö, according to a filing by Kookmin.

Regulatory approval from both Korea and Kazakhstan is needed before the deal can go ahead, while the purchase will be made on the local stockmarket during...
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