The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported the ceremonial opening in Almaty of BNK Commercial Bank, described as the country’s first foreign bank created by converting a microfinance organisation into a bank and the first banking licence issued in Kazakhstan in 15 years. The agency recalled that it granted BNK Commercial Bank a licence to conduct banking operations on 25 June. The authorisation was framed as implementing President Kassym-Jomart Tokayev’s September 2023 instruction to attract reliable foreign banks and increase competition in the banking sector. BNK Commercial Bank is part of BNK Financial Group, which the release said has consolidated assets of USD 114 billion and equity of about USD 8 billion; the bank stated that lending to small and medium-sized businesses will be its core strategic focus, against a backdrop of Kazakhstan’s SME loan portfolio rising 8% over the first seven months of 2025 to USD 26.7 billion. The opening was also presented as supporting closer trade and economic cooperation between Kazakhstan and the Republic of Korea.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-08-26
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan marks opening of BNK Commercial Bank as first foreign bank licensed since 2010
The Agency for Regulation and Development of the Financial Market of Kazakhstan announced the opening of BNK Commercial Bank in Almaty, marking the first foreign bank established by converting a microfinance organisation into a bank and the first banking licence issued in 15 years. This aligns with President Kassym-Jomart Tokayev’s directive to attract foreign banks and boost competition. BNK Commercial Bank, part of BNK Financial Group, will focus on lending to small and medium-sized enterprises.