BNK Launches Its First Overseas Banking Subsidiary
A New Milestone in Building a Central Asian Financial Belt
Digital-Based SME-Focused Model
Paving the Way for Global Financial Transformation
On August 26, BNK Financial Group held the opening ceremony for its Kazakhstani banking subsidiary, BNK Commercial Bank, in Almaty, Kazakhstan.
BNK Financial Group held the opening ceremony of its banking subsidiary in Almaty, Kazakhstan on the 26th. (From the 5th person on the left: Vitaly Tutushkin, Vice Governor of the National Bank of Kazakhstan; Mazhina Abilkassimova, Chairman of the Kazakhstan Financial Supervision 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) Provided by BNK Financial Group
With this opening, BNK has officially embarked on strengthening its financial network in Central Asia.
After obtaining final approval from Kazakhstani financial authorities to convert to a banking subsidiary in June of this year, BNK spent about two months preparing for operations. The opening ceremony was attended by BNK Financial Group executives, local financial authorities, key clients, and business leaders.
This move holds strategic significance for BNK, as it aims to secure an economic zone centered on Kazakhstan and encompassing Kyrgyzstan and Uzbekistan, as well as to expand the group’s global network. Notably, this is the first case in which a Korean financial company operating in the overseas microfinance market has received approval from local financial authorities to convert to a bank, earning high praise within the industry.
In fact, BNK Capital entered the Kazakhstani microfinance market in 2018, achieving strong operational 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.
The establishment of the Kazakhstani banking subsidiary is the culmination of BNK Financial Group’s overseas financial experience and understanding of local markets, which began with the opening of BNK Busan Bank’s Qingdao branch in China in 2012 and has continued for over a decade. It is considered a significant turning point for the group’s global business.
BNK has outlined its vision to develop the Kazakhstani banking subsidiary as a “digital-based specialized bank for small and medium-sized enterprises,” aiming to establish a locally tailored digital financial platform and a rapid corporate finance support system, while providing customized financial solutions in stages.
In particular, by focusing on a digital channel-driven operational system and a specialized model for SME financial support, BNK plans to offer customized financial services that reflect the local economic structure and customer needs, thereby enhancing financial inclusion and securing a sustainable profit base.
A BNK Financial Group representative stated, “Based on BNK’s sound management, fundamental competitiveness, and philosophy of customer inspiration, we will pursue sustainable growth rather than short-term results, and contribute to the development of the local community and the advancement of the financial industry through mutually beneficial management with Kazakhstan.”
Following the opening ceremony in Kazakhstan, BNK executives plan to visit Kyrgyzstan to meet with the governor of the local central bank, and then travel to Laos to review the operations of BNK Capital’s Lao subsidiary. In Laos, BNK Busan Bank will sign a memorandum of understanding (MOU) with the Lao Development Bank (LDB) regarding a project to open collection accounts for seasonal workers, continuing its global on-site management efforts.
A BNK Financial Group representative commented, “The establishment of this overseas banking subsidiary is not merely an overseas expansion, but a starting point for fundamentally transforming our global financial business. Through a digital-based, locally specialized banking model, we will simultaneously strengthen the sustainability and profitability of the group’s global business.”
Starting with Kazakhstan, BNK Financial Group aims to expand this model to other emerging countries with similar economic structures, with the mid- to long-term goal of building a ‘localized global financial network.’ The group also plans to gradually increase the share of global business profits and establish a sustainable overseas profit base by enhancing the quality and profitability-focused structure of its global operations.
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