On May 13, the Board of the National Bank of the Kyrgyz Republic decided to issue licenses for banking operations in national and foreign currencies to two new financial institutions: Kylym Bank OJSC and Muras Bank CJSC. Both institutions received the right to work with both national and foreign currencies, the National Bank announced.
State Kylym Bank
This is an open joint-stock company with 100 percent state participation. The Cabinet of Ministers established it with an authorized capital of 1 billion soms. In addition to standard banking services, this institution was granted the functions of a central counterparty and national depository. Its status as a national depository makes Kylym Bank not just another bank, but a key instrument for the Cabinet of Ministers in managing securities nationwide.
Private Muras Bank
This is a closed joint-stock company with foreign participation. The institution’s authorized capital is 1.4 billion soms, significantly exceeding the regulator’s minimum requirements. Sergey Entts is the bank’s founder and Chairman of the Board of Directors. Azamat Omuraliev, who previously headed the branches of Bai-Tushum and Rosinbank, is the Chairman of the Board of Muras.
