Bakai Bank to Operate as Restricted Licence Bank in Hong Kong
South China Morning Post reports that Bakai Bank, a major lender in Kyrgyzstan, has been established as the 17th restricted licence bank in Hong Kong, intending to use the city as a regional expansion platform.
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According to the South China Morning Post, Bakai Bank, which is noted as one of the largest lenders in Kyrgyzstan, will function as a restricted licence bank within Hong Kong. This appointment makes it the 17th restricted licence bank in Hong Kong.
Under the terms of this licence, the bank is permitted to accept deposits of a minimum of HK$500,000 (equivalent to US$63,776) and engage in corporate banking and merchant banking activities, though it is prohibited from conducting retail businesses.
Andreas Meletiou, the CEO of Bakai Bank Hong Kong, stated that the lender intends to utilize Hong Kong as a base for expanding its operations across the region.
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