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On June 9, the first agreement was signed between the financial institutions of Japan and Kyrgyzstan. Sawada Holdings Co. Ltd., Japanese public company, the shares of which are quoted on JASDAQ Tokyo Stock Exchange, during the additional issue of the bank Kyrgyzkommerts acquired a block of shares. The agreement will have a beneficial effect on the development of the investment climate in Kyrgyzstan and will give impetus to the development of business relations between two countries.
During the signing of the agreement, Hideo Sawada, Chairman of the Board of Sawada Holdings Co Ltd, noted that now the company will actively engage in the banking sphere, which plays a crucial role in the development of the country's economy. He also expressed the hope that the signed agreement will become a springboard for the development of relations between Kyrgyz and Japanese businesses, and to consolidate the cooperation of Kyrgyzkommerts with large businesses in Kyrgyzstan.
Mr. Yoshihiro Yamamura, the Ambassador Extraordinary and Plenipotentiary of Japan to the Kyrgyz Republic, said that the conclusion of business relations between the two companies led to the first investment of Japan's financial sector in Kyrgyzstan. “This year marks the 25th anniversary of diplomatic relations between our countries. Over the years, we have managed to build work in many areas. Nevertheless, there has been still no Japanese capital in Kyrgyzstan. Now Sawada Holdings will take part in the management of the Kyrgyzkommerts Bank and give a new impetus to the development of the banking sector”, - Yamamura Yoshihiro added.
The participation of Sawada Holdings Co. Ltd. In the capital of Kyrgyzkommerts Bank, will allow to provide better banking products and services. “First of all, we expect the introduction of advanced technologies in the banking sector. In general, this event is a good signal for investors. It creates a positive image for the country. In addition, our clients will now trust us even more”, - Kanat Mamakeev, the Chairman of the Board of Directors of Kyrgyzkommerts Bank, commented on signing the agreement.
Chairman of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov noted that over 25 years of Kyrgyzstan's independence for the first time a serious Japanese company enters the financial market of the country.
“The signing of the agreement will entail an increase in the capital of the Kyrgyzkommerts Bank. Also, new technologies, banking practices, new financial products are expected to be introduced”, - he added.
Sawada Holdings financial corporation was founded in 1958. The company is engaged in the securities market, deals with banking, brokerage, insurance and tourism development. And it also has assets in the banking sector, it has is a controlling shareholder in Khan Bank the largest bank of Mongolia and a major shareholder in the Russian SOLID Bank.
Kyrgyzkommerts Bank is a universal bank that provides a wide range of banking services in the territory of the Kyrgyz Republic. The bank has the highest status of the Principal Member of Visa and Mastercard international payment systems; it serves Visa, Mastercard, Maestro, American Express and Elcard cards, and is also a Principal Member of the China Union Pay payment system.
Press Service of Kyrgyzkommertsbank OJSC
Tel.: +996 (312) 333 000 ext. 17108