Asakabank, one of Uzbekistan's largest banks, will be privatized as part of an agreement signed with the European Bank for Reconstruction and Development (EBRD) on May 2, during the Tashkent International Investment Forum.
President Shavkat Mirziyoyev, speaking at the forum, detailed the recent expansions in Uzbekistan's banking sector, including the entry of several private and European banks, as well as the emergence of digital banking services. He noted the ongoing revisions to capital market development approaches to meet the increasing demand for financial resources.
The privatization of Asakabank is expected to multiply foreign investment inflows, elevate corporate management quality, and encourage new leading banking and financial institutions to enter the market.
This move is part of a broader strategy to reform the banking system in Uzbekistan, which includes the gradual privatization of state shares in multiple banks such as Ipotekabank, O'zsanoatqurilishbank, Aloqabank, Qishloq Qurilish Bank, and Turonbank.
President Mirziyoyev also highlighted the initiation of cooperation in 2020 with international financial institutions to privatize six commercial banks, including Asakabank, signalling a sustained commitment to restructuring and enhancing the banking industry’s global competitiveness.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)