BNK Capital Kazakhstan Subsidiary Obtains Preliminary Banking License Locally

BNK Financial Group announced on the 13th that BNK Capital Kazakhstan, a subsidiary of BNK Financial Group, received preliminary approval for conversion to banking operations from the Kazakhstan financial authorities on the 12th.

Since entering the microfinance market in Kazakhstan in 2018, BNK Capital Kazakhstan has pursued conversion to banking operations since last year based on solid business performance and experience locally.

This preliminary approval is the first case of a Korean financial company entering the overseas microfinance market receiving preliminary approval for banking conversion from local financial authorities, and it is the first banking approval by the Kazakhstan government for a foreign financial company in 15 years.

BNK Financial plans to prepare a specialized SME loan-focused business strategy, which BNK Financial is also concentrating on domestically, rather than full banking services, based on market research of the Kazakhstan banking market during the approximately one-year preparation period for final approval.

In particular, it is expected that financial services will become available for Korean companies entering Kazakhstan and local companies in key economic cooperation sectors between Korea and Kazakhstan, such as core minerals, energy, and trade.

Visiting Astana, Kazakhstan, in line with the preliminary approval for banking conversion, Chairman Bin Dae-in stated, “Taking this preliminary approval as an opportunity, BNK Financial will steadily prepare based on a mid- to long-term strategy to become a successful banking conversion business model that fulfills not only the fundamental role of finance but also its social responsibilities.”

This content was produced with the assistance of AI translation services.