Ayyl Bank

Ayyl Bank OJSC is one of the largest financial institutions of the Kyrgyz Republic, implementing state programs for the development of the agricultural sector, as well as providing banking services, including servicing private and corporate clients, investment banking business, trade financing and asset management.

History

The bank was established in December 2006 as the successor of the Kyrgyz Agricultural Finance Corporation (KSFC). KSFC was established by the Government of the Kyrgyz Republic with the assistance of the World Bank in 1997.

The Bank's shareholder is the Government of the Kyrgyz Republic represented by the Ministry of State Property of the Kyrgyz Republic. On May 22, 2008, the Jogorku Kenesh (Parliament) of the Kyrgyz Republic decided to privatize 67% of the Bank's common shares.

In the period from 1997 to 2006, the Bank worked as a specialized financial and credit institution and, accordingly, the main operation was lending to agricultural producers. After the transformation of KSFC into a Bank, the National Bank issued a license with restrictions on almost the entire traditional range of banking services. During 2008-2010, the Bank carried out a number of activities aimed at lifting restrictions on licenses and introducing traditional banking services. The removal of restrictions and the expansion of the license was carried out in stages and to date almost all restrictions have been lifted.

The Bank is a participant in almost all state and international agricultural financing projects in Kyrgyzstan.

The Bank's main investment donors and partners are:

• World Bank (International Development Association projects "Rural Finance" and "Agribusiness and Marketing");
• Asian Development Bank (Agricultural Sector Development Project);
• European Bank for Reconstruction and Development (small and medium-sized business development project);

Raifeisen Cooperative Development Fund in Kyrgyzstan;

• Specialized Refinancing Fund of Banks in Kyrgyzstan, UNDP and other financial institutions.

Considering that the Bank is a participant in projects of international financial institutions, financial statements are audited by a company of internationally recognized audit companies twice a year (for six months and for a year). The Bank is also a member of the following non-profit organizations:

• Union of Banks of the Kyrgyz Republic
• Deposit Protection Fund of the Kyrgyz Republic
• Ishenim Credit and Information Bureau
• Eurasian Agricultural Credit Association (EurAsK)