According to the Agency for Regulation and Development of the Financial Market (ARDFM), financial organizations from South Korea, the United Arab Emirates, and Qatar are entering the country's market.
These include: BNK Financial Group from South Korea, Abu Dhabi Commercial Bank from the UAE, and Lesha Bank from Qatar.
The agency reported that back in June of last year, BNK received approval to transform its microfinance structure into a full-fledged banking institution.
In October, Abu Dhabi Commercial Bank completed a deal to acquire a stake in Islamic Bank "Al Hilal," which was subsequently renamed Islamic Bank "ADCB."
Additionally, in the fall of 2024, Qatar's Lesha Bank signed an agreement with the Baiterek Holding to purchase 100% of the shares of Bereke Bank. Currently, Bereke Bank (DB Lesha Bank LLC) is in the process of updating its license due to the name change.
ARDFM stated that amendments to the legislation are being developed to simplify the process of opening branches of foreign banks.
In particular, it is planned to reduce the list of mandatory documents and expand the list of operations that foreign financial institutions will be able to conduct. However, the agency clarified that no new applications from foreign banks for opening subsidiaries or representative offices have been received so far.