According to 24.kg, Kyrgyzstan’s state-owned Eldik Bank plans to raise up to $500 million through a yuan-denominated bond issue by the end of 2026. Bank Chairman Ulanbek Nogaev announced this in a Bloomberg interview.
The bank chief said the plan involves issuing “dim sum” bonds (yuan-denominated bonds traded outside mainland China) in Hong Kong. The placement could take place in December, and negotiations with anchor investors are underway. The bank is considering a new dollar bond issue for 2027.
In parallel, Eldik Bank has started corporate restructuring to prepare for an initial public offering (IPO) on the London Stock Exchange. The listing is tentatively scheduled for 2028. During the IPO, the state could sell up to 20% of the bank’s shares to investors, Frank Media notes, citing Bloomberg.
The bank previously tapped the international capital market in April 2026. At that time, it placed debut five-year Eurobonds worth $500 million. Investor demand exceeded $1 billion, with more than 80 international institutions participating in the order book.
The bank’s plans emerge amid scrutiny of Kyrgyz banks over alleged ties to the sanctioned Russian payment system A7. Nogaev stated that the bank did not cooperate with A7 and hired Dentons, Kroll, and EY to audit its sanctions compliance.