BAKU, Azerbaijan, April 26. Two Kazakh large microfinance organizations, KazMicroFinance (KMF) LLC and Solva JSC, have expressed their intention to become second-tier banks, Chairman of Kazakhstan's Agency for Regulation and Development of Financial Market Madina Abilqasymova said, Trend reports via the Kazakh media.
"Firstly, we expect the reorganization of microfinance organizations into second-tier banks. We have two large microfinance organizations that have expressed their intention to reorganize into second-tier banks," she said.
As she noted, the KMF and Solva organizations have the largest portfolio, and their capital adequacy level allows them to become banks.
Madina Abilqasymova also noted that it is expected to liberalize the requirements for opening new banks in Kazakhstan.
"Regarding the creation of new banks, we have currently prepared amendments to the legislation on the banking system in order to liberalize the requirements for opening new banks," she added.
The chairman noted that the adoption of the mentioned amendments may lead to more willingness to create a bank in Kazakhstan.
Second-tier banks are banks used as secondary sources of funds.