UPDATE 1-Kazkommertsbank to issue new shares

* To increase common shares by 325 mln to 1.275 bln

* To increase preferred shares by 50 mln to 175 mln

* Move approved by shareholders

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MOSCOW, March 2 (Reuters) - Kazakhstan's No. 2 bank, Kazkommerts (KKGByq.L) KKGB.KZ, will increase the number of common and preferred shares in issue by around 40 percent, the bank said on Monday.

Kazkommertsbank agreed last year to sell a stake of up to 25 percent to the government which wants to boost the large banks' capital to ease the impact of the global financial crisis.

The increase of common shares by 325 million to 1.275 billion and of preferred shares by 50 million to 175 million was approved by shareholders at an extraordinary general meeting, Kazkommerts said in a statement.

New shares, according to Kazakh law, must be offered to all existing shareholders before anyone else can buy them. Kazkommertsbank has said earlier that the offer would extend to holders of its London-listed Global Depository Receipts (GDRs). (Writing by Olzhas Auyezov; editing by Simon Jessop)