(MENAFN- Trend News Agency ) Baku, Azerbaijan, April 20
By Elena Kosolapova – Trend:
South Korean Kookmin Bank has completed a deal on the sale of its share in Kazakh Bank CenterCredit, a message of the bank published on the website of Kazakhstan Stock Exchange (KASE) said.
Kookmin Bank sold its 41.93 percent share to the main shareholder of Bank CenterCredit Bakhytbek Baiseitov and Kazakh Tsesnabank and Tsesna financial holding.
The National Bank granted permission for this deal.
Tsesnabank, Tsesna financial holding and Bank CenterCredit announced their plans to merge in February. In a joint message the banks noted that the merger will create a bigger financial institution that will maintain its position as one of the leaders in the banking sector of the country in the corporate lending segment, financing of small and medium-sized businesses, as well as in the field of retail lending and banking services, said the message.
Tsesnabank, Kazakhstan's 3rd largest bank, was established in 1992. The bank's core business lines are corporate, SME and retail banking. Headquartered in Astana, the bank's branch network consists of 22 full-service branches and 146 outlets throughout Kazakhstan.
Bank CenterCredit is one of the top commercial banks in Kazakhstan in terms of assets and total deposits. The bank's primary business consists of corporate and retail banking. It has over 100 branches and offices throughout Kazakhstan.
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