Hong Kong Grants Bakai Bank Restricted Licence, First Kyrgyz Lender in City
Bakai Bank, a prominent financial institution in Kyrgyzstan, has received a limited banking licence from the Hong Kong Monetary Authority, marking it as the first bank from Central Asia to establish operations in Hong Kong. This licence permits Bakai Bank to accept deposits starting from HK$500,000 (US$63,776) and engage in corporate and merchant banking activities, although it is not allowed to partake in retail banking. It is now the 17th bank in Hong Kong to hold a restricted licence. This development coincides with the growing trade connections between China and Central Asia. According to Andreas Meletiou, CEO of Bakai Bank Hong Kong, the bank aims to leverage Hong Kong as a launchpad for regional expansion.
Key facts
- Bakai Bank is one of Kyrgyzstan's largest lenders.
- The Hong Kong Monetary Authority granted Bakai Bank a restricted banking licence.
- Bakai Bank is the first Central Asian bank licensed in Hong Kong.
- It is the 17th restricted licence bank in Hong Kong.
- The licence permits deposits of at least HK$500,000 (US$63,776).
- Bakai Bank may conduct corporate and merchant banking but not retail business.
- The licensing follows growing trade links between China and Central Asia.
- CEO Andreas Meletiou said Hong Kong will serve as a platform for regional expansion.
Entities
Artists
- Andreas Meletiou
Institutions
- Bakai Bank
- Hong Kong Monetary Authority
- Bakai Bank Hong Kong
Locations
- Hong Kong
- Kyrgyzstan
- China
- Central Asia