Shares of CenterCredit Bank will be sold

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Korean Kookmin Bank intends to sell its stake at Kazakh "Bank CenterCredit"

According to The Korea Times, a Korean bank will negotiate the sale of the shares of Bank CenterCredit at a meeting of the Board of Directors this week in Kazakhstan, says Inform.kz.

Kookmin Bank (Kookmin Bank) – is one of the largest banks in South Korea in terms of assets and market capitalization. KB’s share in the capital of BCC is 41.9%. The Korean Bank caquired 41.9 percent stake 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 19^th of August 2010 the Financial Supervisory Service of Korea fined the managers and employees of Kookmin Bank for the mistakes in the management of the bank that has 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, the first head of the bank Kang Chung Won was dismissed from his post in 2010. BCC is among the five largest players in the banking sector of Kazakhstan. "The global financial crisis hit the bank, which is actively involved in the mortgage business. The value of shares of Kookmin Bank in BCC fell even more after Kazakhstan devalued tenge in 2014", - says the publication.