Article 13. Voluntary reorganization of a microfinance organization in the form of conversion into a bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

Home / Laws / Article 13. Voluntary reorganization of a microfinance organization in the form of conversion into a bank of the Law on Banks and Banking Activities in the Republic Kazakhstan

1. The state re-registration of a microfinance organization to a bank within the framework of a voluntary reorganization of a microfinance organization in the form of conversion to a bank is carried out by a State Corporation on the basis of a permit from the authorized body for the voluntary reorganization of a microfinance organization in the form of conversion to a bank and a report approved by the authorized body on the implementation of measures provided for in the action plan for the conversion of a microfinance organization to a bank.

A bank created as a result of the voluntary reorganization of a microfinance organization in the form of conversion into a bank is the legal successor of all rights (requirements) and obligations of the specified microfinance organization.

2. A bank established as a result of a voluntary reorganization of a microfinance organization in the form of conversion to a bank, within ten working days after receiving a banking license, sends a notification to customers in the manner provided for in the microcredit agreement about the voluntary reorganization of a microfinance organization in the form of conversion to a bank, indicating the types of operations that the specified bank is entitled to carry out.

A bank established as a result of the voluntary reorganization of a microfinance organization in the form of conversion into a bank is prohibited from unilaterally changing the terms of microcredit agreements, with the exception of changing the terms of microcredit agreements to improve them for borrowers.

The Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII SAM.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases

The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444. On banks and banking activities, with the introduction of the Law of the Republic of Kazakhstan dated January 16, 2026 No. 258-VIII, the SAM has lost its legal force.

Article 13. Permission of the authorized body to open a bank Chapter 2. Establishment of a bank and implementation of banking activities of the Law on Banks and Banking Activities in the Republic of Kazakhstan

1. The procedure for issuing a bank opening permit is determined by the banking legislation of the Republic of Kazakhstan.

The procedure for granting permission for the voluntary reorganization of a microfinance organization in the form of conversion into a bank is determined by the legislation of the Republic of Kazakhstan on microfinance activities.

2. The permission to open a bank shall have legal force until the authorized body makes a decision to grant the bank a license to conduct a banking operation, or until one of the cases provided for in paragraphs 3 or 4 of this article occurs.

3. The issued permission to open a bank is considered cancelled in the following cases::

1) the bank's decision on the voluntary termination of its activities through reorganization or liquidation;

2) the court's decision to terminate the bank's activities;

3) failure to register a legal entity as a bank in the Corporation within two months from the date of issuing a permit to open a bank;

4) failure to obtain a license to conduct banking or other operations within one year from the date of issuing a permit to open a bank.

In the case provided for in subparagraph 3) of part one of this paragraph, previously issued permits for the establishment or acquisition of a subsidiary, significant participation in the capital of organizations and consent to acquire the status of a major participant in a bank or bank holding company are considered cancelled.

4. The Bank has the right to voluntarily return the permission granted to it to open a bank and re-register in accordance with the procedure established by law.

The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444.

President

Republic of Kazakhstan