BNK K Car Kazakhstan Subsidiary Obtains Preliminary Banking License Approval from Local Financial Authorities

BNK Financial Group (Chairman Bin Daein) announced that BNK Capital Kazakhstan, its subsidiary in Kazakhstan, received preliminary approval for a banking license from the Kazakhstani financial authorities on June 12.

BNK Capital Kazakhstan Corporation, Preliminary Banking License Award Ceremony.

Since entering Kazakhstan's microfinance market in 2018, BNK Capital Kazakhstan has achieved solid business performance and gained experience in the local market. Based on these achievements, the company has been pursuing a transition to banking since last year and has now been recognized by the financial authorities with preliminary approval for a banking license.

This preliminary approval marks the first case in which a Korean financial company operating in an overseas microfinance market has received preliminary approval for a banking conversion from local financial authorities. It is also the first time in 15 years that the Kazakhstani government has granted banking approval to a foreign financial institution.

During the approximately one-year preparation period for the final approval, BNK Financial plans to develop a business strategy focused on SME lending, an area in which the group excels in Korea, rather than pursuing full banking operations in the Kazakhstani market, based on thorough market research.

In particular, BNK Financial anticipates providing financial services to Korean companies and local businesses operating in key sectors of economic cooperation between Korea and Kazakhstan, such as critical minerals, energy, and trade.

Additionally, as part of its global sharing initiative 'BNK Happy Sharing,' BNK Financial Group visited the Kazakhstan SOS Children's Village to deliver school supplies and daily necessities to children.

BNK Financial Group Chairman Bin Daein, who visited Astana, Kazakhstan to coincide with the preliminary approval for the banking transition, stated, "With this preliminary approval for banking operations, BNK Financial will thoroughly prepare based on a mid- to long-term strategy, not only fulfilling our core financial role but also creating a successful banking transition business model that serves our social responsibilities."

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