President approves Cabinet of Ministers’ purchase of Keremet Bank
Kyrgyzstan President Signs Law on Acquisition of Keremet Bank Shares
In a recent development, President Sadyr Japarov of Kyrgyzstan has signed a law regarding the acquisition of a block of shares in the open joint-stock company Keremet Bank by the Cabinet of Ministers. This move comes after the Parliament passed the law on February 14, 2024.
The law stipulates that the Cabinet of Ministers, represented by the Ministry of Finance, will acquire 84,770,588 shares of Keremet Bank OJSC, which is currently owned by the National Bank of the Kyrgyz Republic, making up 97.45 percent of the total shares. The value of this stake is reported to be 7,126.4 billion soms.
This acquisition will take place through direct transfer of funds to the National Bank’s account and appropriate entries in the register of owners of Keremet Bank OJSC. It is worth noting that the transfer of ownership of the shares from the National Bank to the Cabinet of Ministers will be exempt from any commission fees or duties as outlined by Kyrgyz Republic legislation.
This strategic move by the government aims to strengthen the financial sector and enhance the stability of the banking system in Kyrgyzstan. Stay tuned for further updates on this developing story.
