Washington, DC
Umut Abakirova, after graduating from the University of Central Asia, began her career in finance as a loan officer. Fast forward twenty years, and she’s now a key figure in the financial landscape of Central Asia, serving as the CEO of Bakai Bank, which stands as one of the largest private lenders in Kyrgyzstan.
Her vision for Bakai is ambitious: she aims to establish it as a conduit connecting Central Asia with the West, specifically targeting American investors who may overlook the region despite its abundant resources. In a recent interview, she shared her thoughts on why the U.S. should take notice of what’s happening there.
“We came here with a mission to represent our country, which I believe has so much potential,” she noted. “We’re experiencing rapid growth and are committed to being transparent and open to international partnerships.”
Banks on the rise
Bakai has seen impressive growth, serving over a million clients and doubling its loan portfolio within just two years. The bank has attracted notable corporate clients like Coca-Cola, KFC, and General Electric. In 2025, it even became an official partner of UFC CIS, which significantly boosted its visibility beyond the finance sector.
A recent Fitch Rating Report gave Bakai a “B” rating with a stable outlook, commending its profitability, deposit growth, and solid capital reserves. The bank’s loan portfolio expanded at a remarkable rate of 38% annually from 2022 to 2024, while deposits surged by 64%.
Sanctions, remittances, and China’s shadow
Abakirova highlighted a critical issue often overlooked outside the region. Remittances from Kyrgyz workers in Russia make up about a third of the nation’s workforce, and recent Western sanctions have made official transfers nearly impossible. “Now, money is coming back home through cash or through codes—often in Chinese Yuan,” she explained. “To be frank, we’re not too comfortable with the rising influence of China.”
She expressed concern that these sanctions have inadvertently strengthened China’s position in Central Asia. “We’re worried about potential secondary sanctions,” Abakirova added. “Yet, to officially facilitate these transfers, we would need some assurances from the U.S. government or OFAC.”
OFAC, or the Office of Foreign Assets Control, is part of the U.S. Treasury Department that enforces economic sanctions against specific foreign entities. Abakirova’s reference underscores the precarious position of a small nation caught between the influences of Russia and China while striving for Western support.
The interconnectedness goes beyond just remittances. “We have no choice but to purchase gas from Russia,” she mentioned, indicating that current sanction strategies might be inadvertently steering her country away from Western alliances. “That’s the reason we’re engaging with the U.S.”
American banks without banks
Despite Bakai’s international outreach—backed by KPMG, the implementation of the LexisNexis compliance system, and its first ESG report—the bank faces fundamental challenges.
“It’s an issue for our community as well,” she remarked. “We are very transparent, yet we need those connections to be established.”
Her main goal is to persuade U.S. banks and regulators that Bakai is a trustworthy partner. She emphasizes the bank’s Big Four audit, its membership in the Trade Finance Association of Washington, and its status as a systemically important bank.
Kyrgyzstan’s economy is also on the rise, boasting a GDP growth rate of 9% annually from 2022 to 2024, the highest in Central Asia. The government is actively enhancing renewable energy resources, developing railways, and tapping into valuable deposits of gold, lithium, and rare earth metals, all crucial to the global supply chain.
“We are more open than many other countries,” Abakirova stated. “Our democratic approach and willingness to engage with international institutions make us a better partner for the U.S.”
She articulated her aim: “We wish to be America’s gateway to Central Asia.”
From loan officers to CEOs
Abakirova’s journey mirrors her nation’s aspirations. Rising from an entry-level position to the CEO of Bakai after it acquired her workplace, she now oversees a bank that holds an 11% share of sector assets and 12% of deposits, continuing to grow while seeking external partnerships.
This summer marked a pivotal moment for her; she met officials in Washington, including discussions with Treasury Secretary Scott Bescent and leaders from BlackRock and Bank of America.
How her efforts are received could play a crucial role in whether Bakai remains a national success story or becomes a crucial link between Central Asia and the global financial landscape.
