At the beginning of August Keremet Bank was re-registered in the Ministry of Justice. Now, according to the updated information, there is a foreign stake in it.

On August 2, Keremet Bank was re-registered with the Ministry of Justice. According to the updated information, it now has a foreign capital. Prior to that, the financial and credit organization, according to the National Bank, worked entirely with domestic capital. It amounted to 8 bln 698.7 mln KGS.

Thus, at the end of the second quarter there were 11 out of 21 commercial banks with foreign share in the country, Keremet Bank was not among them.

The changes also affected the founding structure of the FCF. According to the listing prospectus of Keremet Bank as of June 30, 2024, published on the website of the Kyrgyz Stock Exchange, its shares were distributed as follows: 0.89% - individual, 0.9% - legal entity and 98.2% - two participants from the state.

After the changes, according to the information of the Ministry of Justice, there are two individuals and two legal entities in the founders of the bank. There is no information on what share and who owns it, as well as on the origin of the capital.

The first reports about the possible sale of Keremet Bank appeared in early July. At that time, domestic media wrote about it with reference to their own sources.

However, in response, Keremet Bank issued an official refutation. The press service of the bank assured that this information is not true.

“The bank is not sold and continues to work in the usual mode. And the procedure of re-registration, May 31, the bank passed due to the change of address of one of the branches. Perhaps, these processes caused confusion, generating rumors about the sale of the bank”, - suggested in ‘Keremet Bank’.

We would like to add that on March 29 of this year the Ministry of Finance of Kyrgyzstan bought 84 million 770 thousand 588 common registered shares or 97.45% of Keremet Bank OJSC from the National Bank of the Republic. In monetary terms, the shares transferred to the Ministry of Finance are estimated at 8 billion 477 million KGS.

At the same time, the bill approved by the deputies and then certified by President Sadyr Zhaparov on the acquisition of 97.45% stake in Keremet Bank OJSC by the Cabinet of Ministers from the National Bank included the amount of 7.1 billion KGS. It was decided to conduct it outside the stock exchange by direct transfer of funds to the account of the National Bank of the Kyrgyz Republic.