First Korean Financial Institution in the Overseas Microfinance Market
Receives Local Regulatory Approval
for Conversion to a Banking Institution
BNK Financial Group announced on the 26th that it held the opening ceremony for its banking subsidiary at the BNK Capital Almaty headquarters in Kazakhstan. This marks the first case in which a Korean financial company operating in the overseas microfinance market has received approval from the local financial authorities to convert to a banking institution.
After obtaining final approval from Kazakhstan’s financial authorities to convert to a banking subsidiary in June of this year, the opening ceremony was held following about two months of business preparations. The event was attended by BNK Financial Group executives, local financial authorities in Kazakhstan, key clients, and corporate representatives.
BNK Financial Group explained that this move is significant in securing an economic region centered on Kazakhstan, encompassing Kyrgyzstan and Uzbekistan, and in expanding the group’s global network. In fact, BNK Capital entered the microfinance market in Kazakhstan in 2018, achieving solid business results and accumulating local experience. Based on this foundation, the company has actively pursued the conversion of its local subsidiary into a bank since last year.
BNK Financial Group held an opening ceremony for its banking subsidiary in Almaty, Kazakhstan, on the 26th. From the fifth person on the left: Vitaly Tutushkin, Vice Governor of the National Bank of Kazakhstan; Majina Abilkassimova, Chairwoman of the Kazakhstan Financial Supervisory Authority; Daein Bin, Chairman of BNK Financial Group; Sungjoo Kim, CEO of BNK Capital; Sungbin Bang, President of BNK Busan Bank; Junghoon Kim, Director of KOTRA. BNK Financial Group
BNK Financial Group has set a goal to develop its Kazakhstani banking subsidiary into a “digital-based specialized bank for small and medium-sized enterprises.” The company plans to establish a locally tailored digital financial platform and a rapid corporate finance support system, providing customized financial solutions for each stage of business growth. By focusing on a digital channel-driven operating system and a specialized model for SME financial support as its core strengths, BNK aims to offer customized financial services that reflect the local economic structure and customer needs, thereby securing financial inclusion and a sustainable profit base.
Meanwhile, after the opening ceremony in Kazakhstan, BNK Financial Group executives plan to visit Kyrgyzstan to meet with the governor of the local central bank, and then travel to Laos to review the business status of BNK Capital’s Laotian subsidiary. In Laos, BNK Busan Bank and the Lao Development Bank (LDB) plan to sign a memorandum of understanding (MOU) regarding the establishment of seasonal worker group accounts.
A representative from BNK Financial Group stated, “Based on BNK’s philosophy of sound management, strengthening fundamental competitiveness, and delivering customer satisfaction, we will pursue sustainable growth rather than short-term results. Through a mutually beneficial partnership with Kazakhstan, we aim to contribute to the development of the local community and the advancement of the financial industry.”
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