The KR Cabinet of Ministers wishes to buy out Keremet Bank from the National Bank
The Draft Law “On Acquisition by the Cabinet of Ministers of the Kyrgyz Republic of the Block of Shares of the Open Joint-Stock Company “Keremet Bank” from the National Bank of the Kyrgyz Republic” was registered in the Jogorku Kenesh of the Kyrgyz Republic on December 27, 2023.
The purpose of the Draft Law is the purchase by the Cabinet of Ministers, represented by the Ministry of Finance, of 97.45% of the Keremet Bank shares from the financial regulator outside the stock exchange by direct crediting funds to the NBKR account.
As specified in the Background Statement to the document, after purchasing the Keremet Bank shares, the Cabinet of Ministers will receive the asset as an additional institution for the economic development, government program implementation and lending to priority sectors. Also the Background Statement states that over recent years, Keremet Bank has become profitable, met all economic standards in accordance with the banking legislation, conducted its activities as usual and provided a full range of banking services, had an extensive regional network and developed infrastructure of banking equipment, and has been the Member of the National Payment System Elkart.
It is stated that this Draft Law does not require public discussion.
The Draft Law and Background Statement can be found at this link.
