Uzbekistan begins privatization of its banks

Finance Materials 6 March 2020 15:46 (UTC +04:00)
Uzbekistan begins privatization of its banks

BAKU, Azerbaijan, Mar. 6

By Ilkin Seyfaddini - Trend:

The gradual privatization of 13 banks in Uzbekistan, in which the state has a stake, will begin by the end of 2020, Trend reports via Uzbek media.

Negotiations are underway with the International Finance Corporation and other foreign investors, Deputy Finance Minister Shohruh Shorahmedov said.

In 2019, the Finance Ministry was tasked with reforming banks with a high state share, attracting foreign investors and bringing banks to the international market.

In addition to enterprises of strategic importance, Uzbekistan has announced a phased privatization of all enterprises with a state share.

From 2020, a large-scale transformation program will be implemented in the country's banks. In 2020, the National Bank and Ipoteka Bank will also issue their Eurobonds.

Banks that are offered to sell their entire state-owned stakes (shares) to the private sector:

- JSB Capital bank (state share - 100 percent)

- JSB Asia Alliance Bank (100)

- JSCB Turonbank (97.6)

- JSB Qishloq qurilish bank (96.5)

- JSCB Asaka (95.9)

- JSC Alokabank (94.2)

- JSCB Uzpromstroybank (89.1)

- AKIB Ipoteka-bank (84.7)

- JSCB Uzagroexportbank (75)

- JSC Ipak Yuli Bank (0.4)

- Chub Trustbank (0.1)

- JSCB Hamkorbank (0.01)

The following banks are expected to retain the state share in full:

- JSCB Halk Bank (100)

- National Bank of Uzbekistan for Foreign Economic Activity JSC (100)

- JSCB Agrobank (94,3)

- JSCB Microcreditbank (84.8)


Follow author on Twitter: @seyfaddini