The management of BNK Commercial Bank, a new financial institution in Kazakhstan’s banking sector, has announced its plans to focus on developing lending products and working with small and medium-sized businesses (SMBs).
This strategy is outlined in a roadmap presented by bank executives during an official ceremony marking the transformation of BNK Finance Kazakhstan, a microfinance organization (MFO), into a commercial bank.
In the first stage, set for this year, the bank will concentrate on transferring assets from the former MFO to the new bank, establishing a deposit-oriented base and implementing risk management standards.
In the second stage, planned for next year, BNK aims to diversify its portfolio, enter the car leasing market, expand its digital products, and strengthen its risk management system to meet Korean standards.
In the third stage, starting in 2027, the bank plans to focus on building its image as an SMB-oriented financial institution. This phase will also include laying the groundwork for expanding operations into the CIS market.
According to Kim Song-Joo, chairman of the board of BNK Capital, the bank’s parent company, approximately $19.4 million will be allocated for SMB lending during the initial stage.
«The range of available financial transactions and services will expand and scale. We now have the opportunity to finance SMBs, and we will focus on this task. Our services in Kazakhstan will be based on our experience in Korea, where we provide high-quality and convenient services for SMBs. We will introduce new digital products to support such operations,» emphasized Kim Song-Joo.
In addition, BNK Commercial Bank plans to collaborate closely with the Damu Entrepreneurship Development Fund to jointly develop products for business lending. The bank will also offer loans to both entrepreneurs and individuals, with a strong focus on mobile technologies, including mobile banking (once the necessary regulatory permissions are obtained). More than 89% of the company’s loan requests are currently submitted online.
Kim Song-Joo also noted that the bank will work on attracting deposits.
BNK will enter the market by establishing support points in Shymkent and Almaty, where the South Korean company already has a well-developed branch network. Clients in Astana and other cities across Kazakhstan will be served through internet and mobile banking. Over time, the company plans to expand into neighboring markets, using its Kazakhstani branch as a base.
«We operate MFOs in Kyrgyzstan and Uzbekistan, and we are currently in negotiations to expand our financial services in Uzbekistan. If we receive permission, we plan to grow our operations in other countries in parallel with our expansion in Kazakhstan,» Kim Song-Joo added.
Yesterday, BNK Finance Kazakhstan officially received a banking license from the Agency for Regulation and Development of the Financial Market and was renamed BNK Commercial Bank.
Before its transformation, the organization ranked 13th in Kazakhstan by assets ($49.8 million) and held a loan portfolio of $42 million. According to eGov.kz, the MFO is owned by South Korea’s BNK Capital Co., a subsidiary of BNK Financial Group, a financial holding headquartered in Busan. With assets exceeding $103 billion, the group offers financial services in South Korea, China, Vietnam, India, Cambodia, Laos and Myanmar.
