Turkey’s Ziraat Bankasi takes over UTBANK

Business Materials 18 December 2017 10:30 (UTC +04:00)

Tashkent, Uzbekistan, Dec. 18

By Mamed Dashdemirov – Trend:

Turkey’s Ziraat Bankasi has become the sole owner of UTBANK by acquiring 50 percent of its shares from Uzbekistan’s Agrobank for $14 million.

The deal was conducted on the FTC Market currency platform of the Republican Stock Exchange “Toshkent”.

UTBANK was created in 1993. Uzbekistan’s Agrobank and Turkey’s Ziraat Bankasi were the founders of the bank on equal footing.