BISHKEK, Kyrgyzstan, October 13. The National Bank of the Kyrgyz Republic announced that the joint-stock companies AsiaUniversalBank and Ak-Bank are currently undergoing liquidation, Trend reports via the bank.
The Deposit Protection Agency has been officially designated as the liquidator for both financial institutions.
As reported by the National Bank, Kyrgyzstan is currently home to 21 commercial banks and 304 banking branches, with five of these institutions also offering services based on Islamic banking principles.
AsiaUniversalBank (AUB) was once one of the most prominent banks in the Kyrgyz Republic, at one point holding about a quarter of the entire banking system's combined assets and deposits. Ak-Bank was also part of the group of financial institutions, eventually facing closure due to insolvency, breach of banking regulations, or other financial irregularities.