Kazakh “Halyk Bank” to open its subdivision in Uzbekistan

The National Bank of Kazakhstan allowed “Halyk Bank” to open its subdivision “Tenge Bank” in Uzbekistan. This news was posted on the National Bank website.

“Halyk Bank”, which has branches in Russia, Kyrgyzstan, Georgia and Tajikistan, is the first Kazakhstani bank to announce its intention to open a branch in Uzbekistan. A subordinate “Tenge Bank” will operate in Tashkent.

Access to the Uzbek market will be a logical continuation of the development strategy of the bank.

As of now, 28 commercial banks operate in Uzbekistan. Total assets of subsidiary banks amounted to 194,6 trillion sums or as per current rate $24,1 billion relatively. According to official data, the GDP of Uzbekistan in 2017 amounted to 249,1 trillion sums ($30,7 billion).

It should be noted that currently, only five banks with foreign capital operate in Uzbekistan. They are: “Savdogar” Bank, “Hamkorbank”, “Ziraat Bank Uzbekistan”, Iran's “Saderat” Bank and “KDB Bank Uzbekistan”.