Acquisition of the 10% outstanding shares in Bank CenterCredit

On 25 February 2010, it was announced that the International Finance Corporation had acquired 10% of shares in Bank CenterCredit.Acquisition of the 10% outstanding shares in Bank CenterCredit

On 25 February 2010, it was announced that the International Finance Corporation had acquired 10% of shares in Bank CenterCredit.

According to the Bank CenterCredit press-release:

Kookmin Bank of Korea (“Kookmin”) and International Finance Corporation (“IFC”) closed their equity transaction with JSC Bank CenterCredit (“BCC”).
As was agreed in the legal documentation signed in September 2009, Kookmin increased its stake in BCC to 42% and IFC acquired 10% of BCC's total issued and paid shares.

The structure of this transaction included the purchase of existing and newly issued shares of BCC by both Kookmin and IFC. As a result, BCC received strong capital support, amounting to KZT17.2 billion (equivalent of US$116 million) through the issuance of approximately 18 million common and 39 million preferred shares, convertible into common shares.

GRATA Law Firm advised IFC in this deal.

In addition, GRATA Law Firm has also worked on the following acquisitions in the Kazakh banking sector: the acquisition of a control stake in the Kazakh Danabank by Punjab National Bank, the acquisition of a stake in Bank CenterCredit by Kookmin Bank in 2008, and the acquisition of ATF Bank by Unicredit Group in 2007.

The team that worked on the deal included Mr. Rashid Gaissin, Managing Partner, and Mr. Bolat Miyatov, Corporate Partner.