BNK Commercial Bank to invest 10 bln tenge in Kazakhstan's SME sectorBNK Commercial Bank plans to invest 10 billion tenge in the development of small and medium-sized businesses (SMEs) in Kazakhstan, said Kim Sung-Joo, chairman of the South Korea-based parent company South Korea’s BNK Capital."The amount we intend to invest in Kazakhstan’s SME sector is 10 billion tenge. However, this is not the final figure. We aim to grow, and increasing this investment is part of our plans. For the time being, I cannot specify the exact future amount," Kim Sung-Joo said following a license receiving ceremony in Almaty.Kim Seong-Hyun, head of BNK Commercial Bank, added that the bank’s entry into Kazakhstan’s market will be facilitated by establishing key branches in Almaty and Shymkent.It was reported earlier that Kazakhstan’s Agency for Regulation and Development of the Financial Market had granted BNK Finance Kazakhstan a banking license, enabling the microfinance organization to transition into BNK Commercial Bank JSC.Madina Abylkassymova, the chair of the Agency, said the new bank will focus on lending to small and medium-sized businesses."The bank’s mission prioritizes financing SMEs, aligning with the head of state’s strategic goals to expand business lending in Kazakhstan," she said. "We expect it will improve financial service accessibility and quality."BNK Finance Kazakhstan, licensed as a microfinance organization in 2021, secured approval in June 2024 to convert into a commercial bank. The move follows similar approval for microfinance organization KMF.BNK Finance Kazakhstan is part of South Korea's BNK Financial Group Inc., one of the country’s largest financial groups, with $129 billion in assets and a national credit rating of AAA. The group includes two banks with over 300 branches and international credit ratings of A2.The conversion raises Kazakhstan’s count of second-tier banks to 22. (ICE ALMATY)

Fonte notizia: INTERFAX