On September 15, 2005, a General Meeting of the founders of the Association of Banks was held, attended by 17 banks of the Kyrgyz Republic. The main objective of the meeting was to resolve all organizational and legal issues related to the activation of the Association’s activities.
Following the General Meeting, the following decisions were adopted: on the withdrawal from the Association and the admission of new members to the Association of Banks; on the renaming of the Association to the Union of Banks of Kyrgyzstan (UBK) and approval of the Charter in a new edition; on the election of the Supervisory Board of the Union of Banks; on the election of the Audit Commission of the Union of Banks; and on determining the amount and сроки of payment of membership fees.
Coordination of the activities of the newly established Union was entrusted to the Supervisory Board, consisting of five chief executives of commercial banks of Kyrgyzstan, namely: OJSC “Settlement and Savings Company”, CJSC “Demir Kyrgyz International Bank”, OJSC “KyrgyzCredit Bank”, OJSC “Bakay Bank”, and OJSC “Energobank”. Mr. A.K. Abdraev, Chairman of the Management Board of OJSC “KyrgyzCredit Bank”, was elected Chairman of the Supervisory Board.
The functions of the President of the Union of Banks of Kyrgyzstan were temporarily assigned to the Chairman of the Supervisory Board in accordance with Clause 9.4 of the Charter, due to the non-election of the President.
Later, OJSC “AKB Kyrgyzstan”, CJSC “INEXIMBANK”, and OJSC “FinanceCreditBank KAB” expressed their intention to join the Union of Banks of Kyrgyzstan by submitting applications for membership.
Thus, for the first time in the history of the banking system, nearly all commercial banks were united, which confirmed the willingness of all members of the Union to work in an organized manner and resolve issues through joint efforts.
The Union of Banks of Kyrgyzstan (a Union of Legal Entities) is a voluntary, non-profit association of commercial banks, branches and representative offices of non-resident banks, as well as specialized financial and credit institutions operating in the territory of the Kyrgyz Republic, including those operating on the basis of a license issued by the National Bank of the Kyrgyz Republic.
As of today, the Union of Banks of Kyrgyzstan unites 28 legal entities.
The UBK aims to consolidate the efforts of participants of the banking and financial sector, protect their common interests, and promote the formation of a sustainable, competitive, technologically advanced and stable banking system of the Kyrgyz Republic operating in accordance with national legislation and international standards.
The key areas of activity of the Union of Banks of Kyrgyzstan include the development, discussion and promotion of legislative and regulatory legal acts affecting the interests of the banking community; preparation of expert opinions and submission of consolidated proposals to state authorities and administrative bodies of the Kyrgyz Republic; as well as systematic interaction with the National Bank of the Kyrgyz Republic and other regulatory authorities in order to improve the legal and regulatory framework of banking activities.
The Union of Banks of Kyrgyzstan provides its members with organizational, information-analytical, methodological, legal and advisory support, facilitates the exchange of professional experience and best practices, promotes human capital development, enhances the quality of corporate governance, and improves the effectiveness of internal control and risk management systems within financial institutions.
An important area of the Union’s activities is strengthening the institutional and professional capacity of representatives of the banking and financial sector. For this purpose, the Union of Banks of Kyrgyzstan, through the UBK Sustainable Development Academy, organizes and coordinates educational and practice-oriented events, including professional development courses, training sessions, seminars, webinars, round tables, and Training of Trainers (ToT) programs. The educational activities are aimed at developing the professional competencies of executives, board members, and specialists of banks and other financial organizations, taking into account current market requirements, regulatory changes, and international best practices.
A significant area of activity of the Union of Banks of Kyrgyzstan is the promotion of sustainable finance and the implementation of ESG (Environmental, Social, Governance) principles in the activities of banks and other financial institutions. The Union supports the integration of international standards and initiatives in responsible banking, green and climate finance, contributes to the development of a methodological framework, the strengthening of local expertise, and the training of qualified specialists in the field of sustainable development.
In the context of the digital transformation of the financial sector, the Union of Banks of Kyrgyzstan gives priority to the development of digital financial technologies, the introduction of innovative banking solutions, digital service channels, and modern payment instruments. The Union promotes the creation of a favorable regulatory and institutional environment for the development of fintech, digital services, and financial market infrastructure.
Another strategic area of activity is strengthening cybersecurity and developing anti-fraud systems. The Union contributes to enhancing the resilience of financial institutions to cyber threats, developing mechanisms for the prevention, detection, and minimization of risks related to cybercrime and fraudulent transactions, as well as facilitating the exchange of information and best practices in the field of information security through the organization and participation in various working groups, events, and discussions.
The Union of Banks of Kyrgyzstan serves as a professional and expert platform for constructive dialogue between the banking and financial community, government authorities, international financial organizations, and other stakeholders, contributing to strengthening trust in the financial system and the sustainable development of the entire financial sector of the Kyrgyz Republic.
Charter of the Association of Legal Entities “Union of Banks of Kyrgyzstan”
Certificate of Legal Entity >>