Published
05/20/2026, 14:33At a meeting of the Jogorku Kenesh Committee on Budget, Finance, Entrepreneurship and Competition, a proposal by the Ministry of Finance to provide a further 2 billion KGS in funding for the authorised capital of Kylym Bank OJSC was approved. On 19 May, members of the Jogorku Kenesh discussed the relevant draft resolution. The main focus was on the role and objectives of the new state-owned bank.
During the discussion, representatives of the bank stated that ‘Kylim Bank’ is being established not as yet another traditional commercial bank, but as a specialised financial institution with a focus on developing the financial market infrastructure. Among the key tasks mentioned were securities trading, the creation of a depository system and a central counterparty institution, as well as attracting investors.
According to the bank’s representatives, the main permits and licences from the National Bank have already been obtained. However, a significant amount of time was spent on regulatory procedures, which meant that the previously contributed capital of 1 billion KGS remained effectively ‘frozen’.
MP Dastan Bekeshev questioned the need to establish yet another state-owned bank, pointing out that the country already has ‘ABank’, ‘Eldik Bank’, ‘Keremet Bank’ and other financial institutions with state participation. In response, representatives of “Kylim Bank” stated that the new entity would focus on tasks related to investment and the development of the financial market, including IPO mechanisms and infrastructure for securities trading.
A separate discussion arose regarding the new capital injection. Bank representatives explained that the National Bank requires a minimum authorised capital of 3 billion KGS. The 2 billion KGS currently being allocated should enable “Kylim Bank” to meet this requirement and proceed to the full launch of operations.
Currently, 100% of the bank’s shares are owned by the state.
