A new bank has opened in Kazakhstan — BNK Commercial Bank

A new bank has emerged in Kazakhstan — JSC “Commercial Bank BNK.” This will be a bank focused on small and medium-sized businesses (SMBs), but it will also offer products for individual customers. It was established from the microfinance organization BNK Finance Kazakhstan. The new — 22nd — participant of the banking market of the Republic of Kazakhstan was officially presented on June 25, 2025: the license for conducting banking operations was handed to its representatives by Madina Abilkasymova, Chairwoman of the Agency for Regulation and Development of the Financial Market.

The bank plans to make Shymkent and Almaty its key locations. The strategy involves providing specialized products to small and medium-sized businesses. In 2025, the financial institution plans to stabilize as a bank, in 2026 — expand its operational activities, and in 2027 — increase and diversify its assets.

The first banking license was issued in Kazakhstan in 2010. The company stated that together with the regulator, it “conducted extensive work” over the past year to transform from an MFO into a bank. In particular, BNK updated its internal information and developed the necessary documents, implemented banking information systems, connected to the National Payment System, hired and approved staff, and so on.

The board of directors of the bank has been approved and composed. It includes four people, including non-residents of Kazakhstan. The chairman is Kim Song Heng, board members are Dinara Asembaeva and Kim Ki Sik, and the board member exclusively for administrative and economic issues is Yu Dong Jin.

BNK Finance Kazakhstan has been operating in Kazakhstan since 2018. In March 2024, the MFO changed its legal form from a Limited Liability Company (LLC) to a Joint Stock Company (JSC), which the company explained as “plans for further growth and development of financing for small and medium-sized businesses.” The company was present in three cities — Almaty, Astana, and Shymkent.

The sole shareholder of the bank is BNK Capital Co., Ltd, with its headquarters located in Busan. The company is part of the largest holding in South Korea, BNK Financial Group Inc., with assets of $129 billion and revenue of $504 million as of June 2024. At that time, the holding included two banks — Busan Bank and Kyongnam Bank.

Source: Forbes