The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has granted JSC BNK Commercial Bank a licence to conduct banking operations, marking the first banking licence issued in Kazakhstan since 2010. The move is presented as part of the authorities’ drive to attract reputable foreign banks and increase competition in the banking sector. BNK Commercial Bank was created through the reorganisation of BNK Finance Kazakhstan LLP, which previously operated as a microfinance organisation. The agency authorised the conversion to a second-tier bank in June 2024 and approved the implementation report for the reorganisation on 30 May 2025, after which the entity was state re-registered as a bank. The licence allows operations including accepting deposits from legal entities, opening and maintaining bank accounts, cash and transfer services, lending, and foreign exchange operations; work with individuals’ deposits and bank accounts will be possible after joining the mandatory deposit guarantee system. At the time of reorganisation the organisation had assets of KZT 25.8bn and a loan portfolio of KZT 21.8bn, ranking 15th among microfinance organisations by assets at end-2024. The bank is part of South Korea’s BNK Financial Group Inc, which has assets above USD 103bn, and its Kazakhstan strategy is described as a three-phase plan beginning with stabilising the transformation and building core digital banking and risk management capabilities, followed by operational expansion including a broader product set and entry into auto leasing, alongside preparations to use Kazakhstan as a base for potential expansion into CIS markets.

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