Bank in Kyrgyzstan gets full banking license

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BISHKEK (TCA) — On January 12 the National Bank of the Kyrgyz Republic issued licenses to Kompanion Bank CJSC to conduct banking operations in national and foreign currencies.

The full banking license will allow Kompanion Bank to expand the range of services and open new access channels to banking products (deposits, remittances, and foreign exchange transactions) for clients, the Bank said.

“The principal directions of Kompanion Bank’s activities will be the development of banking products, introducing new high-tech solutions, and improving the quality of service,” said Ulanbek Termechikov, the CEO of Kompanion Bank CJSC. “Today we moved to a new level of development, and we invite our customers and partners to join us.”

Kompanion has been providing financial products and business development services in Kyrgyzstan since 2004. So far, the company has over 113,000 clients, 900 employees, as well as 108 branches and savings cash desks countrywide.

Mercy Corps, an international non-governmental organization, is the bank’s founder and major shareholder. In March 2015 Kompanion increased its equity by bringing direct Dutch investments in the economy of Kyrgyzstan. Dutch Development Bank (FMO) and Triodos investment funds (Triodos Fair Share Fund, Triodos Sicav II) became the company’s shareholders.

In 2014 Kompanion was certified by SMART Campaign that confirms the company’s adherence to client protection principles. Kompanion became the first organization in Central Asia to receive the European Microfinance Award for the contribution to environmental preservation.

Sergey Kwan

TCA