ALMATY, June 25 (Xinhua) -- Kazakhstan has granted a banking license to BNK Commercial Bank, a subsidiary of South Korea's BNK Financial Group, which marks the country's first newly licensed commercial bank in over a decade, the Kazinform News Agency reported Wednesday.

BNK Commercial Bank becomes the first foreign bank to receive a banking license in Kazakhstan since 2010. The move aligns with Kazakh President Kassym-Jomart Tokayev's call to attract reputable international financial institutions and enhance competition in the banking sector, as outlined in his annual state-of-the-nation address in September 2023.

BNK Financial Group, based in South Korea, is an international holding company with assets exceeding 103 billion U.S. dollars. Its new bank in Kazakhstan will focus on universal digital services, lending to small and medium-sized enterprises, and automotive financing.

Prior to its transformation into a commercial bank, the organization operated as a microfinance institution. At that time, its assets totaled 25.8 billion tenge (about 49 million U.S. dollars), and its loan portfolio amounted to 21.8 billion tenge (about 41.4 million U.S. dollars). It ranked 15th among microfinance organizations in Kazakhstan by asset size. Enditem