Commercial banks no longer need a consent from Central Bank to appoint managers

Banks in Uzbekistan are allowed to appoint managers without a consent from the Central Bank. This follows from the changes that were made to the regulation on corporate governance in commercial banks.

Previously, chairmen of banks were appointed to the post by the decision of the Council of the Bank in coordination with the Central Bank. Then, they should have been approved at the general meeting of shareholders of the bank.

At the same time, the decision on appointment of the chairman of a bank is made, as a rule, on the basis of competitive selection, in which foreign managers can participate. Board members are appointed by the Council of the Bank.

The order remains the same, with the exception of the point about the Central Bank.