Number of banks in Kyrgyzstan reduced

There are 24 commercial banks left in Kyrgyzstan. Investment Bank Chang An OJSC was transformed into Microfinance Company Chang An CJSC. The Kyrgyz Stock Exchange reported.
The decision was made at an extraordinary general meeting of shareholders. In connection with the transformation, it was decided to terminate the powers of the members of the Board of Directors of Investment Bank Chang An OJSC from the date of receipt of the re-registration certificate.
Participants of the shareholders' meeting decided to appoint new management of Microfinance Company Chang An CJSC.
In 2018, the National Bank of the Kyrgyz Republic adopted a norm according to which the authorized capital of banks should not be lower than 600 million soms. As for the banks that can not meet the standard, the National Bank gives an opportunity to engage in microfinancing. The owners of Chang An bank took advantage of the opportunity.