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Tengrinews.kz - Kazakhstan's Agency for Regulation and Development of the Financial Market (ARDFM) has shared plans regarding the opening of foreign bank branches in the country.
To attract international investors, ARDFM and the National Bank held negotiations with financial regulators and major banks from China, South Korea, the UAE, and Europe.
As a result, several major international financial institutions have entered Kazakhstan’s banking sector, including BNK Financial Group from South Korea, Abu Dhabi Commercial Bank from the UAE, and Lesha Bank from Qatar.
"On June 12, 2024, BNK was granted permission to voluntarily reorganize BNK MFO by converting it into a second-tier bank. On October 9, 2024, Abu Dhabi Commercial Bank completed the acquisition of shares in Al Hilal Islamic Bank, after which, on October 21, the bank was renamed ADCB Islamic Bank. Additionally, on October 8, 2024, a deal was finalized between Baiterek Holding and Qatar’s Lesha Bank for the sale of 100% of Bereke Bank shares," the agency stated in response to an official inquiry from Tengrinews.kz.
Bereke Bank JSC (SB of Lesha Bank LLC (Public)) is currently in the process of re-registering its banking license due to its name change.
"In order to attract new foreign banks, legislative amendments have been prepared to liberalize requirements for opening subsidiaries and branches. These include reducing the number of required documents and expanding the list of permitted operations for branches. As of now, no other foreign banks have submitted applications to open branches or subsidiaries in Kazakhstan," the financial regulator added.
Read also: Several foreign banks plan to open branches in Kazakhstan
