Kazakh Tenge Bank reveals figures of its first work year in Uzbekistan

Finance Materials 12 May 2020 16:43 (UTC +04:00)

BAKU, Azerbaijan, May 12

By Ilkin Seyfaddini – Trend:

Tenge Bank (Kazakhstan) has released its figures of work for its first year in Uzbekistan, Trend reports citing the Uzbek media.

Tenge Bank's net loss in 2019 was 2.8 billion soum ($275,594).

Tenge Bank is the subsidiary of Kazakhstan's Halyk Bank, which entered the Uzbek market in summer of 2019. The head of Tenge Bank said that one of the long-term goals and objectives is to bring the bank into the top of the best banks in Uzbekistan within 3-5 years.

Today, the following commercial banks with foreign capital are operating in Uzbekistan: JSCB Savdogar, JSCB Hamkorbank (International Finance Corporation (IFC) and Dutch Bank (FMO), JSC KDB Bank (South Korea), JSC Ziraat Bank (Turkey), subsidiary bank of Bank Saderat (Iran), Tenge Bank (Kazakhstan) and others.

Besides, Georgia's TBC Bank is preparing to start operating in Uzbekistan since June 2020.

Earlier, TBC Bank said that after receiving the license it will start working in Tashkent, and then will expand to the regions. About 20 branches are scheduled to open by the end of the year.


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