History

7th August 2000, the Kyrgyz Republic, Aga Khan Fund for Economic Development (AKFED), Deutsche Investitions und Entwicklungsgesellschaft mbH, European Bank for Reconstruction and Development, International Finance Corporation and Kreditanstalt fur Wiederaufbau (KfW), signed an International Financial Agreement (IFA) to create a financial-economic organization for the purpose of the long-term development of the economy of the Kyrgyz Republic, and this agreement was ratified  by Presidential Decree # 303 dated 25th October 2000. According to the IFA, the new bank was established and named as Kyrgyz Investment and Credit Bank (KICB).

The bank was inaugurated by the President of Kyrgyz Republic on 29th August 2001 in Bishkek. Following the official opening, KICB started providing banking services to corporate clients.

The European Bank for Reconstruction and Development agreed in May 2001 to provide KICB with Technical Co-operation Funds as Administrator of Grant Funds provided by the Government of Japan under the Japan-Europe Co-operation Fund. 

In 2003, after the successful development of the credit activity of KICB, the bank made a strategic decision to move towards fully-fledged banking operations. In line with the new strategy, the bank opened the first KICB branch in April 2004 in the centre of Bishkek, in the Dordoi Plaza Business Centre. The branch started to offer current accounts, cash services, international payments, and deposit taking from corporate and private customers.

At the end of 2004, KfW agreed to provide technical assistance to the bank for successful development of retail banking operations.