‘Muras Bank’, owned by a Cypriot businessman, has set its sights on the Kyrgyz securities market

‘Muras Bank’ intends to develop its investment activities and expand its presence in the Kyrgyz securities market. The bank has been granted two licences at once — a brokerage licence and a dealing licence.

The Financial Supervisory Authority took the relevant decision on the basis of an order dated 28 September.

Obtaining these two licences enables the bank to operate in the securities market both on behalf of clients and in its own name. The brokerage licence allows the bank to carry out securities transactions on behalf of clients, whilst the dealing licence permits it to conduct such transactions in its own name and at its own expense.

At Muras Bank, the securities market is viewed as one of the areas for further business development.

“We initially regarded the securities market as one of our key areas of focus and will now be able to systematically expand the range of investment services available to clients. Our aim is to combine banking and investment capabilities within a single financial infrastructure,” noted Sergey Entts, founder and shareholder of Muras Bank.

However, Muras Bank is not the first bank in Kyrgyzstan to enter the securities market. According to the Financial Supervisory Authority’s register, a number of commercial banks also hold brokerage and dealing licences.

In particular, Dos-Kredobank, Tolubay JSCB, Keremet Bank and Bank of Asia hold such licences. Other banks also hold individual licences for professional activities on the securities market. For example, ‘Kyrgyzkommerzbank’ has held a brokerage licence since 2019, whilst ‘KSB Commercial Bank’ holds a brokerage licence dating from 2023. ‘Optima Bank’ holds a dealer’s licence issued as far back as 2 March 2012.

The Financial Supervisory Authority’s register also still lists the licences of the former ‘Amanbank’. In particular, a dealer’s licence from 2008 is listed as valid. However, ‘Amanbank’ is no longer a commercial bank. In June 2024, it was re-registered as OJSC MFC ‘Aman Credit’, surrendered its banking licence and was removed from the register of banks by the National Bank.

Consequently, Muras Bank’s acquisition of these licences signifies an increase in the number of banks that go beyond traditional banking services and are expanding their operations in the securities market.