South Korea's BNK Finance Kazakhstan to expand into commercial banking with license expected in 2025

ALMATY. Nov 15 (Interfax) - BNK Finance Kazakhstan, a microfinance organization from South Korea's BNK Financial Group Inc., should obtain a banking license in 2025, said Madina Abylkassymova, head of the Financial Market Regulation and Development Agency.

"We expect BNK Finance to receive a banking license next year," Abylkassymova said at the 12th Congress of Financiers in Almaty.

BNK Finance Kazakhstan gained approval in June 2024 to transform into a commercial bank, with plans to focus on business lending, trade finance, financial leasing, project finance and retail banking. It was earlier thought the banking license would be obtained in December 2024.

Kazakh President Kassym-Jomart Tokayev said at a meeting with BNK Financial Group Chairman Bin Dae-In during the Kazakhstan-Korea Business Forum on June 12 that he welcomed the group's plans to focus on corporate lending in Kazakhstan.

BNK Finance Kazakhstan initially received a license for microfinance operations in 2021. BNK Financial Group, with assets totaling $129 billion, is South Korea's largest financial group, operating two banks with over 300 branches.