Uzbekistan to sell shares of its two banks to Russian banks

Uzbekistan Materials 27 November 2021 13:36 (UTC +04:00)

BAKU, Azerbaijan, Nov. 27,

By Natavan Rzayeva - Trend:

The Uzbek authorities intend to sign agreements with Russian Sovcombank and Expobank on the sale of 100 percent shares of Uzbek UzAgroExport and Poytaxt banks by the end of 2021, Trend reports citing Vedomosti.ru.

Poytaxt Bank was established at the end of 2018 and is fully owned by the Tashkent city (Uzbekistan) administration. As of August 1, 2021, the bank's assets reached 256 billion soums ($23.7 million), liabilities amounted to 125 billion soums ($11.5 million) and the loan portfolio amounted to 99 billion soums ($9.1 million).

UzAgroExport Bank has been operating since 2017 and specializes in lending to enterprises of the agricultural and industrial complex of the country.

Expobank has been operating on the Russian market since 1994. The bank's assets, according to the results from January through June 2021, reached 130.5 billion rubles ($1.7 billion). Recently, Expobank entered the top 50 Russian banks in terms of assets.

Sovcombank is a universal bank that, as of October 1, 2021, ranked 10th among Russian banks in terms of assets.