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    Uzbekistan

    Bank of Georgia enters Uzbekistan's capital market sandbox - NAPP

    Bank of Georgia enters Uzbekistan's capital market sandbox - NAPP

    The National Agency for Prospective Projects (NAPP) has welcomed Bank of Georgia (BoG) as the inaugural participant in the special legal regime "Regulatory Sandbox," NAPP reported on February 28.

    Photo:  The Bank of Georgia Headquarters
    Source: Georgia About

    BoG, a prominent player in Georgia's financial landscape and a regional custodian bank, brings with it a wealth of experience and a robust international network. As a subsidiary of Bank of Georgia Group, listed on the London Stock Exchange with a substantial market capitalization exceeding £2.1 bn, BoG commands attention in global financial circles. The bank's assets is totaling $11.5 bn as of September 30, 2023.

    The participation of BoG in Uzbekistan's Regulatory Sandbox holds promise for catalyzing foreign portfolio investments into the country's securities market. Facilitated by its esteemed parent company and backed by an impressive roster of shareholders including Georgia Capital, M&G Investment Management, BlackRock, and JPMorgan Asset Management (UK), BoG is primed to serve as a conduit for large institutional investors seeking exposure to Uzbekistan's capital market.

    Under the Sandbox regime, BoG is granted authorization to operate as a foreign nominee holder, enabling the opening and management of securities accounts in collaboration with Uzbekistan's Central Securities Depository and the Republican Currency Exchange. Additionally, the bank is empowered to maintain cash accounts in both local and foreign currencies with the Central Bank of Uzbekistan, streamlining operational processes without the need for additional licensing.

    The strategic trajectory outlined by BoG positions it as a pivotal player in Uzbekistan's capital market evolution. Initially focusing on participation in the domestic government securities market, BoG aims to facilitate investments in Uzbekistan's sovereign bonds, particularly targeting large foreign institutional investors. This initial foray sets the stage for broader expansion into the corporate securities market, encompassing shares and corporate bonds, thereby enhancing the depth and breadth of investment opportunities available to international stakeholders.

    By leveraging its expertise as a sub-custodian bank for Georgian and Armenian securities markets, alongside partnerships with global custodians and international depositories such as Clearstream, BoG is poised to bridge the gap between global investors and Uzbekistan's burgeoning capital market.

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    01.03.2024, 21:00   Comments (0)   2456
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