Kazakhstan widens access to local financial market for foreign banks | Dentons

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From December 16, 2020, foreign banks are allowed to do business in Kazakhstan by opening a local branch. Previously, the only option for foreign banks wishing to operate in Kazakhstan was to set up a subsidiary. 
Specific requirements for opening foreign bank branches and the rules for their operation, including notably the minimum capital and disclosure requirements, also became effective on the same day. 
To open a branch in Kazakhstan, the total assets of a foreign bank should be at least US$20 billion.
The process of opening a branch in Kazakhstan can be summarized as follows:

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