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CJSC "Kyrgyz Investment and Credit Bank" announces the acquisition of 100% of shares of CJSC "First MicroFinance Company". / 12.03.2021

 

Press release

CJSC "Kyrgyz Investment and Credit Bank" announces the acquisition of 100% of shares of CJSC "First MicroFinance Company".

On March 9, 2021, Kyrgyz Investment and Credit Bank (KICB) completed the acquisition of 100% of shares of CJSC First MicroFinance Company (FMFC). Since KICB was establishment in 2001, the Bank has grown up as one of the largest commercial banks in the Kyrgyz Republic, with solid financial position and good reputation.

"Entrance of one of the largest banks into micro credit sector will contribute to improvement of financial inclusion of the country by providing access to affordable and attractive loan products to MSME sector", said Bektur Aliev, Chief Executive Officer of KICB. “Our goal is to have synergy from combination of the best international standards in microcredit, including those used in FMFC, bigger funding base and utilization of effective digital delivery channels of KICB, which will streamline delivery of MSME microcredits at lower costs”, he continued.

After shares sales/purchase, FMFC will be gradually integrated to KICB. FMFC will continue to operate under normal regime: all services will be continued without any interruption through current regional branch network. For all clients and partners of FMFC the conditions of existing products and services will remain the same in accordance with the terms of the current contracts. Within the integration processes, KICB will inform clients and partners of FMFC about the planned changes in advance in order to ensure maximum convenience for clients and partners of FMFC. KICB and FMFC management and staff are committed to provide FMFC current and future customers with continued services at the highest service quality standards.

All planned changes in activities will be implemented gradually, information will be posted on the official resources of organizations.

Reference:

Kyrgyz Investment and Credit Bank was founded in 2001 by International Financial Institutions and the Kyrgyz Republic. Current shareholding of KICB include Kyrgyz Government (10%), Aga Khan Fund for Economic Development (48%), Habib Bank Limited (18%), German Development Bank DEG (8%), European Bank for Reconstruction and Development (8%) and International Finance Corporation - a member of the World Bank (8%). KICB provides a wide range of financial services in all regions of the Kyrgyz Republic.

11.03.2021

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