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| "We want to build the best retail branch network in the country" |
AsiaUniversalBank, Kyrgyzstan’s largest financial institution, is looking to up the ante in the central Asian republic’s increasingly competitive banking marketplace, with a big expansion of its retail banking operations. Designed to take advantage of the increasing bankability of the country’s population of about 5 million, the move will involve AUB increasing its branch network from four to about 100 by the end of next year, with the bank’s headcount set to soar from 300 to 800. Founded in 1997, AUB has established itself as the clear market leader in a country that lacks the vast mineral wealth of its neighbours but is nevertheless beginning to see the benefits of its strategic position on the east-west transit route between China and western Europe. At present it controls about 20% of total banking assets in Kyrgyzstan. As a result of its leading role in trade finance, AUB has already established representative offices in Kazakhstan, Ukraine and Latvia and is looking to set up shop in China soon.
Although incomes in Kyrgyzstan are relatively low by global standards – a secondary school teacher typically earns the equivalent of just $100 a month – GDP has risen by roughly 4.5%