The inaugural list of the top 10 brands of Uzbekistan was released by Brand Finance with the aid of the Agency for Innovative Development. This milestone announcement sheds light on the country's burgeoning brand landscape and underscores its growing significance on the global stage.
Top 10 Brands
- Uztelecom - Uzbektelecom is a telecommunications company that provides services throughout Uzbekistan, with its headquarters situated in the capital city of Tashkent. Uztelecom has also decided to IPO 2% of its authorized capital with book value of UZS 1,154 worth UZS 6.4bn ($5,2mn) on Republican Stock Exchange "Toshkent"
- SQB - Founded in 1922, SQB is one of the oldest banks in Uzbekistan and is the second-largest state-owned bank. Initially, the bank was named Qisholq Qurilish Bank (QQB), but then rebranded into Sanoat Qurilish Bank.
- Trastbank - Trastbank is responsible for the general management of activities at the Private Joint-Stock Bank “Trustbank.” It oversees various departments, including Human Resources, Legal Service, Internal Control, Risk Management, and more.
- Aloqabank - Aloqabank is one of the leading private banks in Uzbekistan. It offers a full range of banking products and services to its customers. Aloqabank is one of 40 state-owned companies scheduled to be issued for the People's IPO, with 23mn shares planned for issuance.
- Uzum - Uzum is Uzbekistan’s largest digital platform, providing a wide range of services, including e-commerce, express delivery, banking, fintech, and business development. Its ecosystem serves nearly a third of the nation’s population every month.
- NBU - NBU is a universal commercial bank in Uzbekistan. It offers services such as foreign exchange transactions, online banking, loans, and more. The bank plays a crucial role in supporting economic activities within the country.
- Anorbank - A commercial digital bank. It provides a full range of banking services for individuals and businesses without the need to visit the bank.
- Farg'onaazot - Farg’onaazot is a chemical company based in Fergana, Uzbekistan. It is involved in the production of chemical products.
- Kafil Sug'urta - Kafil Sug’urta is an insurance company operating in Uzbekistan. It provides various insurance services to individuals and businesses.
- Uzagrosugurta - Uzagrosugurta is another insurance company in Uzbekistan, specializing in agricultural insurance and related services.
Notably, the digital services ecosystem operating under the "Uzum" brand, featured on this esteemed list, attained a significant milestone recently. It earned the distinction of becoming Uzbekistan's first unicorn company, marking a remarkable achievement in the country's burgeoning tech landscape.
Selection Process and Methodology
In collaboration with the Agency for Innovative Development, efforts were undertaken to enhance Uzbekistan's standing in the Global Innovation Index. As part of this initiative, information on 20 local companies with high-value brands was meticulously compiled and presented to "Brand Finance" for evaluation.
"Brand Finance" employs the "Royalty relief" methodology to determine the value of brands. This comprehensive approach factors in various criteria, including the hypothetical licensing expenditure associated with a brand, revenue forecasts linked to the brand, and royalty payments for its usage.
A business communications specialist, Timurmalik Elmuradov, said that another important point is that Brand Finance, when evaluating brands from different countries, usually does not just make one table as it did in the case of Uzbekistan, but publishes a multi-page document with comments and explanations. There is no such document regarding Uzbekistan's brands.
"Given all this, I wouldn't recommend taking this list too seriously. Someday Brand Finance will definitely make a full-fledged and reasoned rating of brands in Uzbekistan, but for now, this is how it is," the expert said.
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