The World News AM
Sunday, May 25, 2025
  • Login
  • Home
  • World
    • Asia
    • South Asia
      • Afghanistan
      • Pakistan
      • India
      • Sri Lanka
    • Central Asia
      • Azerbaijan
      • Kazakhstan
      • Russia
      • Tajikistan
      • Turkmenistan
      • Uzbekistan
    • East Asia
      • China
      • Japan
      • South Korea
    • SouthEastAsia
      • Indonesia
      • Malaysia
      • Thailand
      • Vietnam
    • Africa
      • Ethiopia
      • Ghana
      • Libya
      • Zimbabwe
    • Europe
      • France
      • Italy
      • Germany
      • Spain
      • Sweden
      • Switzerland
      • Turkiye
      • Ukraine
      • United Kingdom
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Argentina
      • Brazil
    • Oceania
      • Australia
      • New Zeland
  • Gulf
    • UAE
    • Iran
    • Kuwait
    • Oman
    • Qatar
    • Bahrain
  • Articles
  • Business
  • Sports
  • Health
  • Entertainment
  • Contact Us
  • About Us
No Result
View All Result
  • Home
  • World
    • Asia
    • South Asia
      • Afghanistan
      • Pakistan
      • India
      • Sri Lanka
    • Central Asia
      • Azerbaijan
      • Kazakhstan
      • Russia
      • Tajikistan
      • Turkmenistan
      • Uzbekistan
    • East Asia
      • China
      • Japan
      • South Korea
    • SouthEastAsia
      • Indonesia
      • Malaysia
      • Thailand
      • Vietnam
    • Africa
      • Ethiopia
      • Ghana
      • Libya
      • Zimbabwe
    • Europe
      • France
      • Italy
      • Germany
      • Spain
      • Sweden
      • Switzerland
      • Turkiye
      • Ukraine
      • United Kingdom
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Argentina
      • Brazil
    • Oceania
      • Australia
      • New Zeland
  • Gulf
    • UAE
    • Iran
    • Kuwait
    • Oman
    • Qatar
    • Bahrain
  • Articles
  • Business
  • Sports
  • Health
  • Entertainment
  • Contact Us
  • About Us
No Result
View All Result
The World News AM
No Result
View All Result
Home Kazakhstan

Kazakhstan simplifies conditions for foreign banks: Amendments are being prepared to attract investors

WNAM: by WNAM:
October 17, 2024
in Kazakhstan
0
Kazakhstan simplifies conditions for foreign banks: Amendments are being prepared to attract investors
0
SHARES
9
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

WNAM REPORT: Kazakhstan intends to alter the legislation to loosen the restrictions for establishing foreign banks in order to attract reputable foreign financial organizations and promote competition in the banking sector. Madina Abylkassymova, the Chairperson of the Agency for Regulation and Development of the Financial Market, made the announcement during a plenary session of the Majilis of the Parliament, as per reports.

She noted that Kassym-Jomart Tokayev called for creating conditions to attract foreign banks that can improve competition and service quality in the banking market in his last year’s Address to the People of Kazakhstan. Kazakhstan’s present law allows foreign investors to enter the banking sector from 2020, since joining the WTO. The suggested changes aim to streamline and minimize bureaucratic impediments.

One of the main changes will be a reduction in the list of documents required to obtain permission to open a foreign bank. “The number of documents will depend on the rating of the foreign parent company. Thus, for foreign banks with a rating from “BB-” to “A-”, the number of documents required to open a subsidiary bank is reduced from 24 to 17, and for opening a branch – from 20 to 10. For banks with a rating of “A-” and higher, the number of documents is reduced to 10 and 8, respectively. The bill also reduces the requirements for the assets of a foreign bank when creating branches, from 20 billion to 10 billion US dollars to attract more foreign investors,” the Head of the Agency stated.

The bill also provides for an expansion of the list of permitted activities for branches of foreign banks. Now they will be able to carry out exchange transactions with foreign currency, conduct custodial activities, act as a transfer agent, participate in syndicated financing, and issue payment cards.

“At the second stage, after receiving permission to open a subsidiary bank or a branch of a foreign bank, the list of documents for obtaining a banking license is also reduced from 50 to 7. Basically, these documents relate to internal regulatory documents and the requirements for their approval will be transferred to the stage after receiving the license,” Madina Abylkassymova said.

The measure simplifies the criteria for executives of foreign banks: now, experience in microfinance companies will be considered while appointing to executive roles; the need for management experience for board of directors has also been dropped.

ShareTweetShare
WNAM:

WNAM:

Related Posts

Rotary Club Drives Local Change from Auctions to Action

Rotary Club Drives Local Change from Auctions to Action

by WNAM:
May 24, 2025
0

ASTANA ( WNAM MONITORING ): As Rotary International celebrates its 120th anniversary, the Rotary Club of Astana marks ten years...

Kazakhstan to boost agro-industrial sector development with record 118% increase in investment

Kazakhstan to boost agro-industrial sector development with record 118% increase in investment

by WNAM:
May 23, 2025
0

WNAM MONITORING: Kazakhstan has adopted a road map for implementation of investment projects in agro-industrial sector for 2025-2027, Kazinform News...

OTS Summit adopts Budapest Declaration, Statement on Afghanistan

OTS Summit adopts Budapest Declaration, Statement on Afghanistan

by WNAM:
May 22, 2025
0

WNAM MONITORING: Heads of state participating in the OTS Summit have adopted a number of documents as part of the...

Astana International Financial Centre Hosts Islamic Finance Forum

Astana International Financial Centre Hosts Islamic Finance Forum

by WNAM:
May 21, 2025
0

ASTANA ( WNAM MONITORING ): The Islamic Finance and Business Forum, held on May 19 at the Astana International Financial...

Industrial and Textile Cooperation : Cotton Deficiency Prompts Pakistan to Explore Alternatives from Kazakhstan, Tajikistan

Industrial and Textile Cooperation : Cotton Deficiency Prompts Pakistan to Explore Alternatives from Kazakhstan, Tajikistan

by WNAM:
May 20, 2025
0

WNAM REPORT: Federal Minister for Commerce Jam Kamal Khan reaffirmed Pakistan’s commitment to expanding bilateral trade and industrial cooperation with...

Next Post
Tenth National Congress of Vietnam Fatherland Front opens

Tenth National Congress of Vietnam Fatherland Front opens

Yoon asks for Philippines’ support to bring justice to main culprit in 2016 killing of Korean businessman

Yoon asks for Philippines' support to bring justice to main culprit in 2016 killing of Korean businessman

  • Home
  • World
  • Gulf
  • Articles
  • Business
  • Sports
  • Health
  • Entertainment
  • Contact Us
  • About Us

© 2023 The World News AM - Develope and maintain by Skyhost.

No Result
View All Result
  • Home
  • World
    • Asia
    • South Asia
      • Afghanistan
      • Pakistan
      • India
      • Sri Lanka
    • Central Asia
      • Azerbaijan
      • Kazakhstan
      • Russia
      • Tajikistan
      • Turkmenistan
      • Uzbekistan
    • East Asia
      • China
      • Japan
      • South Korea
    • SouthEastAsia
      • Indonesia
      • Malaysia
      • Thailand
      • Vietnam
    • Africa
      • Ethiopia
      • Ghana
      • Libya
      • Zimbabwe
    • Europe
      • France
      • Italy
      • Germany
      • Spain
      • Sweden
      • Switzerland
      • Turkiye
      • Ukraine
      • United Kingdom
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Argentina
      • Brazil
    • Oceania
      • Australia
      • New Zeland
  • Gulf
    • UAE
    • Iran
    • Kuwait
    • Oman
    • Qatar
    • Bahrain
  • Articles
  • Business
  • Sports
  • Health
  • Entertainment
  • Contact Us
  • About Us

© 2023 The World News AM - Develope and maintain by Skyhost.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In