Eurasian Bank has received permission from the Central Bank of the Republic of Uzbekistan to open a subsidiary in the city of Tashkent, BES.media reports. The Central Bank’s board decided to register the joint-stock company Eurasian Bank and issue it a license for the right to carry out banking activities.
Application and authorization
The bank applied for opening a subsidiary credit organization in Uzbekistan in 2022. In May, the bank’s head, Lyazzat Satiyeva, announced that the bank may receive authorization by the end of 2023.
Shareholder Information
The sole shareholder of the bank is Eurasian Financial Company, which is equally owned by Mukadaskhan Ibragimova, Patokh Chodiev, and Alexander Mashkevich. Each of them owns 33.3% of the shares.
Bank Ranking and Assets
Eurasian Bank ranks sixth in terms of assets among 21 players with KZT 2.8 trillion (approximately $6.5bn). The banking sector in Uzbekistan consists of 33 banks and is dominated by 12 state-owned commercial banks (SOCBs), which accounted for 86% of total credit to the economy by the end of 2021.
Future prospects
The entry of the Eurasian Bank into the Uzbek market could potentially diversify the banking sector, which is currently dominated by state-owned banks. This move aligns with the broader trend of economic liberalization in Uzbekistan and could provide more options for consumers and businesses in the country.
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