Bakai Bank, the fourth-largest bank in the Kyrgyz Republic, has received regulatory approval to set up a branch in Hong Kong. When launched, it will become the first Central Asian bank to secure a presence in the city.
The Hong Kong Monetary Authority (HKMA) granted a restricted licence to Bakai Bank Open Joint Stock Company under the Banking Ordinance with effect from October 5, bringing the number of restricted licence banks in the city to 17. Restricted licence banks in Hong Kong can accept deposits of HK$500,000 ($63,726) or more, but cannot operate as full retail banks.
Operating as Bakai Bank Open Joint Stock Company (Hong Kong Branch), or Bakai Bank Hong Kong, the branch will focus on corporate and wholesale banking activities to help connect Central Asia with the rest of Asia Pacific (Apac), according to an October 5 release.
The bank has established premises in Quarry Bay and assembled a team. The HKMA’s public register lists the branch’s principal place of business as “approved but not yet opened”.
Bakai Bank told FinanceAsia that it is working closely with the HKMA to agree on the date for the commencement of business operations, with details of product offerings to be announced later.
The branch plans to provide cross-border cash management, trade finance, payments and treasury solutions to support trade, investment and capital flows along the Central Asia-Apac corridor under China’s Belt and Road Initiative.
Andreas Meletiou, chief executive officer of Bakai Bank Hong Kong, said in the release that while the corridor is expanding quickly, cross-border banking is an underserved need.
Established in 1998, the Bishkek-based bank provides retail, corporate and investment banking services in the Kyrgyz Republic. It held 9% of the country’s banking sector assets and 11% of deposits at the end of the first quarter of 2026.
In May, Fitch Ratings affirmed Bakai Bank’s long-term issuer default rating at ‘B-’ with a stable outlook. The bank’s lending grew by 54% in 2025, driven mainly by corporate and SME business.
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