business and economy

Bank CenterCredit borrows $40 ml from DEG

By SRI ⋅ June 23, 2008 ⋅ Email This Post Email This Post ⋅ Print This Post Print This Post ⋅ Post a comment

(Silk Road Intelligencer) - Kazakhstan-based Bank CenterCredit has raised a 5-year $40 ml loan from DEG (Deutsche Investitions- und Entwicklungsgesellschaft), a German development insitution.

The raised funds will be used to finance SMEs engaged in the processing industry, agriculture, transport, trade, tourism and services, the bank indicated in a press release on Friday when it announced the transaction.

According to Interfax, Bank CenterCredit was the sixth biggest bank in Kazakhstan by assets and number 25 in the CIS in 2007.

At the beginning of the year, Korean Kookmin Bank acquired 30 percent in the Bank CenterCredit in a first step to acquire a majority of the bank’s outstanding shares.

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