National Bank agrees to re-register Chang An Bank into microfinance company

The National Bank of Kyrgyzstan agreed to state re-registration of Chang An Investment Bank OJSC into Chang An Microfinance Company CJSC. The National Bank of Kyrgyzstan reported.
Chang An microfinance company will be able to obtain a license after re-registration and after applying to the National Bank for its issue.
Recall, the decision of the bank's shareholders to transform it into a microcredit company became known in mid-June. In 2018, the National Bank of the Kyrgyz Republic adopted the norm according to which the authorized capital of banks should not be lower than 600 million soms. For banks that cannot meet the standard, the National Bank left the opportunity to engage in microfinancing. The owners of Chang An used the opportunity.