Eurasian Bank is gearing up to establish its presence in Uzbekistan with plans to launch a subsidiary before the year concludes. The bank recently obtained a license from the Central Bank, paving the way for its expansion into the neighboring country, Eurasian Bank reported.
Expressing gratitude for the issued license, Lyazzat Satieva, the Chairman of the Board of Eurasian Bank, highlighted the institution's anticipation of "new prospects and opportunities" in the Uzbek market. Satieva expressed confidence in leveraging the bank's experience in car lending, point-of-sale (POS) lending, and various financial services, both offline and online, to make an impact in Uzbekistan.
Eurasian Bank received approval from the Agency for Regulation and Development of the Financial Market of Kazakhstan to operate in Uzbekistan toward the end of 2022. Valentin Morozov, the bank's head, had previously underscored the appeal of the Uzbek banking market in an interview.
In May 2023, the Central Bank of Uzbekistan issued a preliminary permit to the Kazakh credit institution to establish a subsidiary. Nodirbek Saidullaev, the First Deputy Chairman of the regulator, expressed expectations that the subsidiary would commence operations before the year's end.
As of now, Uzbekistan is home to 36 banks, with three new institutions receiving licenses in the past year—Yangi Bank in May, followed by Apex Bank and Hayot Bank in March.
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