BNK Financial Group Obtains Final Banking License in Kazakhstan... First Case for Korean Financial Institution

BNK Capital Secures Banking License in Kazakhstan
First Korean Financial Institution to Transition from Microfinance
Paving the Way for Korean Financial Expansion in Central Asia

BNK Financial Group (Chairman Bin Daein) announced that BNK Capital's Kazakhstan subsidiary has obtained final approval for a banking license from the local financial authorities.

From the fourth person on the left, Kim Sungju, CEO of BNK Capital, Majina Abilkashimova, Governor of the Kazakhstan Financial Supervisory Authority. Provided by BNK Financial Group

This marks the first case of a domestic financial institution being granted approval to convert from a microfinance business to a banking business in Kazakhstan. It is expected to serve as a catalyst for the expansion of Korean financial companies into Central Asia.

This final approval comes after a year-long preparation process following the preliminary approval received in June 2024. Notably, it is the first time in 16 years that the Kazakhstan government has granted a banking license to a foreign financial institution, reflecting the local trust in BNK's entry into the market.

Since entering the Kazakhstan microfinance market in 2018, BNK Financial has continuously pursued a transition to banking based on solid performance and stable operational experience. During the preparation period for the final approval, the company also carried out localization efforts such as market research and the development of strategies specialized in SME lending.

With this banking license, BNK will be able to provide comprehensive financial services to a diverse customer base in Kazakhstan, including Korean companies, the Korean expatriate community, and local SMEs. This is expected to significantly improve financial accessibility in the region.

Bin Daein, Chairman of BNK Financial Group, said, "We will bring a fresh breeze to the Kazakhstan financial market through BNK's unique, customer-tailored financial services," adding, "We are committed not only to fulfilling our fundamental financial role but also to doing our utmost to fulfill our social responsibilities in the local community."

BNK Financial Group is currently conducting global business in nine countries, including China, Southeast Asia, and Central Asia. Among its subsidiaries, BNK Busan Bank operates banking businesses in locations such as Qingdao, Nanjing, and Ho Chi Minh City, while BNK Capital is engaged in microfinance and leasing businesses in Myanmar, Cambodia, Laos, and Uzbekistan.