At the end of 2024, the volume of foreign capital in commercial banks in Kyrgyzstan reached 21.6 billion KGS, increasing 1.8 times compared to 2023. While several banks expanded the share of foreign investors, O!Bank fully transitioned to domestic capital.

Over the past year, the volume of foreign investments in Kyrgyzstan's banking sector has grown significantly, driven by strategic acquisitions and capital infusions. While in 2023, foreign investments in commercial banks amounted to 12.2 billion KGS, by the end of 2024, this figure had risen to 21.6 billion KGS.

Several financial institutions played a key role in this process.

"Eurasian Savings Bank" significantly increased its share of foreign capital, reaching 382.4 million KGS by the end of 2024. For comparison, in December 2023, this figure was only 15.1 million KGS. In the first quarter of 2024, foreign investments grew nearly tenfold to 143.2 million KGS. Growth continued in the second quarter, rising 2.43 times to 347.1 million KGS. In the fourth quarter, the bank reinforced this trend, bringing the volume of foreign capital to 382.4 million KGS.

"Tolubay" bank also showed a slight increase in foreign investments, rising from 11.9 million to 12.8 million KGS in the second quarter of the year.

More significant changes occurred later: in the third quarter, "Demir Bank" increased its share of foreign capital from 2 billion to 6 billion KGS. However, the key event was the acquisition of "Keremet Bank" by a foreign investor in the fourth quarter. In December of last year, the government completed the sale of a controlling stake in the financial institution to a Luxembourg-based company, resulting in foreign capital in the bank reaching 6.52 billion KGS, or 75% of its authorized capital. As a result, it is now the largest bank in terms of foreign ownership in capital.

Meanwhile, O!Bank has fully transitioned to domestic capital. Until recently, the financial institution had foreign participation amounting to 1.2 billion KGS (100% of its authorized capital). Now, according to the National Bank of Kyrgyzstan, the bank's entire capital is of domestic origin.

Previously, O!Bank (formerly known as "Halyk Bank Kyrgyzstan") was owned by the National Bank of Kazakhstan. However, in 2024, it was sold to the microcredit company "Akcha Bulak", which acquired 99.998% of the shares. The sole founder of the company is CJSC "ALGA Finance", and its director, Vladislav Slepokurov, also leads the telecom operator "Nur Telecom" (brand O!), owned by Kazakh businessman Aidan Karibzhanov. Thus, the ownership chain of O!Bank still includes companies with foreign participation.

Overall, during 2024, commercial banks in Kyrgyzstan significantly increased their paid authorized capital, reaching 76.9 billion KGS by December (+16.8 billion KGS). At the same time, the share of foreign capital in the banking sector notably grew from 20.3% to 28.04%.