The Agency Issues a Banking License to a New Bank

The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market issued a license to Commercial Bank BNK JSC to conduct banking operations.

Launch of a foreign bank corresponds to execution of the order of the Head of State K.K. Tokayev to attract reliable foreign banks to the country and increase competition in the banking sector voiced in September 2023 during the annual Address to the nation of Kazakhstan.

This is the first banking license issued in Kazakhstan since 2010. This event confirms readiness of the financial system of Kazakhstan to open a new stage – attraction of new foreign participants with a high level of corporate governance and technological maturity.

During the official ceremony, Chairperson of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova presented the license to conduct banking operations to the Chairman of BNK Capital, Mr. Kim Song Ju. The Agency Chief pointed out that emergence of a new foreign participant will expand competition in the banking sector, which will give impetus to development of new banking products and growth of lending to small and medium-sized enterprises.

Commercial Bank BNK JSC focuses on development of universal digital services, lending to small and medium-sized enterprises and car loans.

The bank was established through transformation of BNK Finance Kazakhstan LLP, which previously operated as a microfinance organization. In June 2024, the Agency issued a permit for its conversion into a second-tier bank within the laws providing for the possibility of transforming microfinance organizations. On 30 May 2025, the Agency approved a report on implementation of transformation measures, after which the company passed state re-registration as a bank.

The issued license enables the bank to carry out banking operations, including accept deposits from legal entities, open and maintain bank accounts, cash and transfer operations, issue loans and conduct transactions with foreign currency. Transactions with deposits and bank accounts of individuals will be possible after joining the mandatory deposit guarantee system.

At the time of the transformation, assets of the organization totaled 25.8 billion KZT, loan portfolio made 21.8 billion KZT. At the end of 2024, the organization ranked the 15th among microfinance organizations in terms of assets.

Commercial Bank BNK JSC is a part of South Korean BNK Financial Group Inc. – an international financial holding with assets of over USD 103 billion. The group also includes Busan Bank and Kyongnam Bank, as well as investment companies. Two Korean banks of the group have international ratings of the A2 level and over 300 branches.

Plan of bank's development in Kazakhstan has three stages. At the first stage, the financial institution plans to stabilize transformation into a bank, including effective entry into the market using a business structure, creation of a basic digital banking system and a reliable risk management system. The second stage provides for expansion of operational activities, including diversification of the product portfolio, entry into the car leasing market and expansion of digital products. Moreover, the bank plans to diversify assets through creation of an image of a bank focused on SMEs, deepening of digital transformation and creation of a base for entering the CIS market.