To embed, copy and paste the code into your website or blog: 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: