The National Bank: "Baltikums International" LLC does not have an authorization for the provision of banking services in the Kyrgyz Republic 

In mass media of the Kyrgyz Republic an advertisement by the "Baltikums International" LLC has appeared, which states that a representative office, namely of Baltikumsbank, offers services related to opening current accounts, payment cards and trade finance. 

In accordance with Article 20 of the Law of the Kyrgyz Republic "On banks and banking activity in the Kyrgyz Republic", a representative office of a foreign bank can only be opened with the authorization of the National Bank. The foreign bank that intends to open a representative office shall notify the National Bank about its intentions two months prior to its opening and shall provide a required package of documents for obtaining an authorization to open the representative office. In such case, the representative office has the right to exercise protection and representation of the interests of the bank and also conclude transactions or other lawful actions on its behalf, except for deposit taking, loan granting, performing settlement transactions and other operations that require a banking license according to the legislation of the Kyrgyz Republic. 

The National Bank notes that the representative office of "Baltikums International" LLC, which provides services on behalf of Baltikumsbank in the Kyrgyz Republic, is not registered by the National Bank in the registry of representative offices of commercial banks.  

Since neither the "Baltikums International" LLC nor Baltikumsbank had not received the authorization from the National Bank, the abovementioned services of the bank are considered as being rendered with violation of the Law "On banks and banking activity in the Kyrgyz Republic". 

In order to avoid fraud, the National Bank of the Kyrgyz Republic asks citizens to refrain from using the services of "Baltikums International" LLC and hereafter urges the Kyrgyz citizens to carefully approach to the selection of the financial institutions, including checking existence of an authorization/license from the National Bank of the Kyrgyz Republic.