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Kazakh Tsesnabank, Uzbek Agrobank sign MoU

Finance Materials 6 November 2018 17:56

Baku, Azerbaijan, Nov. 6

By Rashid Shirinov – Trend:

The delegation of the Uzbek Agrobank has visited Astana to develop business contacts and study Kazakhstan's experience, Kazinform reported.

Within the visit, Acting First Deputy Chairman of the Board of Agrobank JSCB Abdurakhmon Sherov signed a memorandum of understanding with Chairman of the Board of Kazakh Tsesnabank JSC Ulf Wokurka, which confirms the parties’ intention to develop cooperation and continue the exchange of experience and knowledge.

Wokurka said that Tsesnabank and Agrobank have commensurate market positions in their countries, so cooperation and dialogue are of interest to both sides.

Taking into account the orientation of the two banks to agriculture, it is expected that with the development of strategic partnership, the banks will have new customers working in Kazakhstan and Uzbekistan.

"We will be able to serve them across the border. With today’s meeting, cross-border cooperation began to emerge," Wokurka said.

He added that the memorandum of cooperation prescribes that in the near future the two banks will consider the establishment of correspondent relations.

“We can serve payments in tenge and Agrobank can serve all payments in soums in Uzbekistan," Wokurka said.

Sherov, in turn, noted the importance of signing the memorandum for the further development of cooperation between the two countries.

“Tsesnabank has extensive experience in financing the agricultural sector of the economy – a large share in the portfolio of assets and loans of the bank is occupied by agriculture. Agrobank is the main financial institution in Uzbekistan, which finances the agricultural sector,” he said.

The first deputy chairman added that Agrobank is interested in the experience that Tsesnabank has in this area.

“We have the same interests, and I think that today's beginning of our cooperation will give impetus to the further development of our relations," Sherov noted.

The delegation of Tsesnabank is also expected to visit Uzbekistan by the end of the year, where the strategic dialogue between the two banks will continue.

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