Keremet Bank

What Keremet Bank does

Keremet Bank is a universal commercial bank headquartered in Bishkek, Kyrgyzstan, operating under National Bank of the Kyrgyz Republic license No. 049. Originally established in 2010 as AsiaUniversalBank/Zalkar Bank, it was rebranded to Keremet Bank in 2019 following the National Bank of the Kyrgyz Republic's 2018 acquisition of a 97.45% controlling stake (subsequently transferred to the Ministry of Finance in March 2024). The bank serves over 100,000 retail, corporate, SME, and government/budget-sector customers across all seven regions (oblasts) of Kyrgyzstan through a multi-channel platform of branches, ATMs, payment terminals, internet banking, mobile banking, and a 24/7 contact center.

The product portfolio spans retail deposits and lending in KGS/USD/EUR/RUB, consumer and mortgage credit (including a 6–8% social mortgage for budget-sector employees under the 'Affordable Housing 2020' program), payment cards across the VISA, UnionPay, and national Elkart networks, money transfers (SWIFT, Zolotaya Korona, domestic clearing), corporate banking (business loans at 0–6% under Ministry of Finance programs, salary projects, merchant acquiring, documentary operations, letters of credit, bank guarantees), and specialized services including escrow accounts, safe deposit boxes, government securities trading, and correspondent banking for CIS and international financial institutions. Underlying technology is built on the A.B.S. CFT-Bank core banking platform, supported by Oracle/PostgreSQL/MongoDB databases, Docker/Kubernetes containerization, RabbitMQ messaging, and Git/GitLab CI/CD pipelines, with Google Authenticator-based 2FA for digital channels.

Revenue is generated primarily through net interest income from lending (consumer, mortgage, microfinance, and business loans) and fee/commission income from money transfers, card operations, documentary operations, merchant acquiring, and account services, with additional revenue from government securities trading and correspondent banking. The bank sells through both an enterprise field-sales motion (relationship managers for corporate and business lending) and self-service digital channels (internet and mobile banking) for retail customers. The bank claims a leading position among Kyrgyz commercial banks in plastic card servicing, salary project volumes, and population payment receipts.

Name

Keremet Bank

Legal name

«Керемет Банк» ААК (Keremet Bank Open Joint-Stock Company)

Website

https://keremetbank.kg

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Keremet Bank is a universal commercial bank in Kyrgyzstan, offering retail and corporate banking — deposits, loans, mortgages, payment cards, money transfers, and correspondent banking — through nationwide branches and digital channels under state ownership (97.45% Ministry of Finance).

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

State Commercial Banks (6022), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)

Keywords

• Retail banking services
• Commercial lending
• Payment card services
• Mortgage financing
• Correspondent banking

Headquarters

HQ city

Bishkek

HQ country

Kyrgyzstan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Lending: The bank generates revenue through interest earned on consumer loans, mortgages, business loans, and microfinance lending to individuals and businesses across Kyrgyzstan
2. Commission Income from Services: Fees and commissions from money transfers (SWIFT, clearing), payment services, card operations, documentary operations, merchant acquiring, and account management
3. Deposit Operations: Interest paid to depositors on time deposits in KGS, USD, EUR, and RUB currencies; effective rates up to 10.47% for KGS, 1.5% for USD
4. Government Securities Trading: Participation in primary market for Kyrgyz Republic state securities including treasury bills (MKV), government bonds (MKO), and National Bank notes
5. Correspondent Banking Operations: Correspondent account services for CIS banks, international banks and financial companies in KGS, RUB, USD, EUR
6. Bank Card Operations: Revenue from card issuing and servicing for VISA, UnionPay, and Elkart payment systems including merchant acquiring

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels4 records

Core offering

Keremet Bank is a universal commercial bank in Kyrgyzstan offering retail and corporate banking services. Its product portfolio spans deposits in multiple currencies, consumer and mortgage loans, business financing, payment cards (VISA, UnionPay, Elkart), domestic and international money transfers, internet/mobile banking, salary projects, merchant acquiring, documentary operations, and government securities trading.

Product overview

Keremet Bank is a universal commercial bank in Kyrgyzstan offering a comprehensive suite of financial products and services through a widespread regional branch network. The product portfolio spans retail banking (deposits, consumer loans, mortgages, payment cards, internet/mobile banking, money transfers), corporate banking (business loans, salary projects, merchant acquiring, documentary operations), and specialized services (escrow accounts, safe deposit boxes, government securities, correspondent banking). The bank issues cards through international networks (VISA, UnionPay) and the national Elkart payment system. Digital banking is delivered through internet banking and mobile applications, with correspondent banking services supporting multiple currencies (KGS, USD, EUR, RUB). The bank emphasizes technological leadership with innovative CRM systems and modern digital banking platforms, and participates in the national 'Элкарт' payment system alongside international card networks.

Differentiator

Problem solved

Functional benefit

Products and services

• Deposits (Аманаттар) Time deposits for individuals and legal entities available in KGS, USD, EUR, and RUB currencies. Minimum deposit from 100,000 KGS or 2,000 USD/EUR with monthly interest payments and automatic renewal options. Corporate time deposits offer rates up to 10.47% for KGS and 1.5% for USD.
• Loans (Насыялар) Consumer loans, mortgages, and business lending products. Includes 'Ишкердик өсүү' (Business Growth) loans up to 35 million KGS at 15% annually, Social Mortgage at 6-8% for budget sector employees, and preferential SME business loans at 0-6% supported by Ministry of Finance programs. Consumer credit from 20% annually.
• Payment Cards (Карталар) Bank cards including VISA (including Visa Infinite), UnionPay, and national Elkart system cards. Includes credit cards, debit cards, and specialized cards like Tulpar electronic transport tickets. Bank is a leader in card issuance and servicing in Kyrgyzstan.
• Internet Banking (Интернет-банкинг) Online banking platform for account management, money transfers between own accounts and to other banks, bill payments for utilities, telecom, internet, and other services. Supports SWIFT transfers in multiple currencies with Google Authenticator OTP two-factor authentication.
• Mobile Banking (Мобилдик банкинг) Mobile application for smartphones enabling balance viewing, transactions, payments, and card services. Two-factor authentication via Google Authenticator.
• Money Transfers (Акча которуулар) Domestic and international money transfers including SWIFT transfers in USD, EUR, RUB, KZT, and CNY. Commission: SWIFT USD at 0.20% (min $20, max $250), SWIFT EUR at 0.15% (min 20 EUR, max 200 EUR).
• Escrow Accounts (Эскроу эсеби) Guaranteed escrow accounts for secure transactions between buyers and sellers. Available for both retail and corporate customers to ensure safe deal closure.
• Safe Deposit Boxes (Сейфтик кутучалар) Safe deposit box rental services for individuals and legal entities. Located at bank branches throughout Kyrgyzstan.
• Corporate Banking Services Comprehensive banking services for corporate clients including corporate deposits, business loans, salary project management, merchant acquiring (trade acquiring), documentary operations, and bank guarantee services.
• Government Securities Operations Trading in Kyrgyz Republic state securities including treasury bills (MKV), government treasury bonds (MKO), and National Bank notes. Participation in primary market auctions on behalf of correspondent banks.
• Correspondent Banking Correspondent account services in KGS, RUB, USD, and EUR for CIS country banks and international banks. Includes interbank currency market operations and documentary operations (import/export letters of credit, bank guarantees).
• Five Salary (Беш эмгек акы) Consumer Loan Consumer loan product for salary card holders of the bank's payroll program. Amount from 5,000 to 300,000 KGS, term up to 24 months, interest from 20% annually. Requires minimum 6 months employment tenure.
• Social Mortgage (Социалдык ипотека) Mortgage product for budget sector employees (teachers, doctors, public sector workers). Interest rates from 6% to 8% annually in KGS, up to 15 years term. Part of Kyrgyz Republic government Affordable Housing 2020 program. Over 520 mortgages provided in 2019.
• Housing Savings Deposit and Mortgage Combined savings and mortgage product. Savings period 24-36 months with 3-4% annual interest. After accumulating 30% of housing value, customers can obtain mortgage for remaining 70% at 12-14% annually.
• Letter of Credit & Bank Guarantees Documentary operations including import/export letters of credit and bank guarantees for corporate clients engaged in international trade.
• Payment Terminal Services Self-service payment terminals allowing customers to pay for over 300 services including mobile balance, electronic wallets, taxes, utilities, television, internet, games, and other services 24/7.

Quantifiable outcome

• Over 520 mortgage loans provided to budget sector employees within social mortgage program by 2019
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Visa InternationalcoreTechnology or Integration · 1 September 2019International payment system partnership enabling issuance of VISA branded cards including VISA Infinite with access to over 1000 airport business lounges worldwide
• UnionPay InternationalcoreTechnology or IntegrationPartnership with Chinese payment system UnionPay for international card transactions
• Elkart National Payment SystemcoreTechnology or IntegrationActive participant in national payment system Elkart with both card issuing and merchant acquiring capabilities
• Zolotaya KoronacoreTechnology or IntegrationPartnership with Russian payment system Zolotaya Korona for money transfer services
• Kyrgyz Republic Government (Affordable Housing Program)coreStrategic or Co-development PartnerImplementation partner for government 'Affordable Housing 2020' social mortgage program providing preferential loans to budget sector employees
• Kyrgyzstan Banks UnionminorOthersIndustry association membership with participation in union awards and professional development programs
• Maksat Rehabilitation CenterminorOthersCharitable partnership providing donations and support to rehabilitation center for children with disabilities
• Tokmok City Children's Rehabilitation CenterminorOthersCharitable support to state rehabilitation center for children and families

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Optima Bank: Largest privately-owned commercial bank in Kyrgyzstan, offering retail deposits, consumer and mortgage lending, corporate banking, VISA/Mastercard cards, and SWIFT transfers. Direct competitor to Keremet across both retail and corporate segments in the same domestic market.
• Halyk Bank Kyrgyzstan: Subsidiary of Kazakhstan's Halyk Bank, one of the top universal banks in Kyrgyzstan with retail and corporate lending, card issuing, salary projects, and digital banking. Directly comparable to Keremet in product mix, salary-project franchise, and target customer base.
• RSK Bank: Kyrgyz commercial bank focused on retail deposits, consumer credit, mortgage lending, and card services. Competes head-to-head with Keremet in mass-market deposits and consumer loans across all regions of Kyrgyzstan.
• Bakai Bank: Universal Kyrgyz commercial bank offering retail and corporate lending, payment cards, money transfers, and salary projects. Comparable in product breadth and customer segmentation to Keremet.
• Demir Bank (Kyrgyzstan): Universal Kyrgyz commercial bank with retail and corporate banking, consumer and mortgage lending, card services, and SWIFT transfers. Comparable universal-banking model and target segments as Keremet.
• Kapital Bank (Kyrgyzstan): Universal commercial bank in Kyrgyzstan providing retail deposits, consumer loans, mortgages, and card products. A relevant direct peer in the mass-market retail and SME lending space.

Emerging players

• Elcart National Payment System: Kyrgyzstan's national payment system that Keremet is integrated with; while not a direct lending competitor, Elkart's mobile app is positioned as a substitute during Keremet's app suspension, making it an emerging competitive channel for basic banking services.

Broad incumbents

• Halyk Bank (Kazakhstan): Parent of Halyk Bank Kyrgyzstan and one of the largest universal banks in Central Asia. Comparable as a multi-product, multi-country commercial banking group with strong card and digital franchises, providing a regional benchmark.
• Kaspi.kz: Kazakhstan's leading super-app combining payments, marketplace, and consumer finance; not a Kyrgyz direct competitor but a regional benchmark for the digital-only consumer banking model that Keremet aspires to via its mobile channel.

Others

• National Bank of the Kyrgyz Republic: Central bank of Kyrgyzstan, Keremet's primary regulator and former 97.45% shareholder (transferred to the Ministry of Finance in March 2024). Relevant as a peer only in the sense of being the regulator and prior controlling owner, not as a commercial competitor.

Market position

Strengths4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/keremetbank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keremet Bank