Uzbek commercial banks to develop long-term strategies with int’l financial institutions
BAKU, Azerbaijan, Jan. 13
By Klavdiya Romakayeva - Trend:
Some six commercial banks in Uzbekistan have begun cooperation with international financial institutions on the development of long-term strategies and privatization, Trend reports referring to the press service of Central Bank of Uzbekistan (CBU).
In addition, director of the Department of the CBU Sanzhar Nosirov said that in 2021 measures will be taken to sell one bank to strategic investors. As a result of the transformation, banks in Uzbekistan will learn how to operate in market conditions, and this will increase investment attractiveness.
“Uzbekistan’s banks have started the transformation process. Now each bank continues to work in five directions. Measures are being taken to improve corporate governance, digitalize banking services, adapt the bank's composite structure to market conditions and increase the customer focus of banking,” he said.
According to the officials of the CBU, the state share will be retained in three banks within the strategy for reforming the banking system for 2020-2025.
“Thus, Agrobank will remain with the state's share in order to service agriculture, the National Bank - to serve large state-owned enterprises, and Microcreditbank will remain with the state's share so that the availability of local financial services does not decrease,” Nosirov said.
Furthermore, the president of Uzbekistan in his address to parliament put forward several proposals aimed at transforming the banking system.
In particular, in 2021, work will be carried out to transform 32 large enterprises and industries of strategic importance. In particular, it is planned to prepare Sanoatkurilish, Asaka, Ipoteka, Aloka, Turon and Qishlokkurilish banks for privatization.
It was also noted that the strategy for reforming the banking system for 2020-2025 will focus on increasing the share of private sector banking assets from 15 to 60 percent by 2025.
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