New bank opens its doors in Kazakhstan
The Kazakh Agency for Regulation and Development of the Financial Market issued a license for banking operations to BNK Commercial Bank, Kazinform News Agency reports.
The bank is reported to be part of South Korea’s BNK Financial Group Inc., an international financial holding company with assets exceeding $103 billion.
The opening of a foreign bank aligns with the President’s directive to attract reliable international banks to the country and boost competition in the banking sector, as outlined in his annual Address to the Nation in September 2023.
This is the first banking license issued in Kazakhstan since 2010.
BNK Bank focuses on the development of universal digital services, lending to small and medium-sized businesses, and auto financing.
At the time of its transformation, the organization’s assets totaled 25.8 billion tenge, with a loan portfolio of 21.8 billion tenge. By the end of 2024, it ranked 15th among microfinance organizations in terms of asset size.
As reported earlier, the International Bank for Reconstruction and Development is set to provide a loan of 42 billion tenge under the Digital Acceleration for an Inclusive Economy Project for Kazakhstan.