Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) reported that it has attracted three foreign banks to the country’s market. These include the Korean BNK microfinance organization, which is currently transitioning into a bank, as well as the Al Hilal Islamic Bank and Bereke Bank, both acquired by foreign entities. Therefore, all three institutions have already been active in Kazakhstan for several years.
The Korean BNK has been active in Kazakhstan’s financial market since 2018. In early June, it was allowed to restructure into a bank after President Kassym-Jomart Tokayev approved the decision. As of January, BNK...