Uzsanoatkurilishbank, Alokabank and Asia Alliance Bank to be put up for SPO and IPO

Shares of the three banks will be offered to investors through initial (IPO) and secondary (SPO) public offers, follows from the resolution of the Cabinet of Ministers.

10% shares of Uzsanoatkurilishbank and Asia Alliance Bank will be put up for an IPO, 10% shares of Alokabank – at SPO. One person can buy no more than 0.1% of the total number of shares put up for sale. The price will be known immediately prior to bidding.

One of the goals for 2019 is to reduce government participation in the banking sector. Banking reform announced back in 2018 provides for an increase in foreign and private banks due to a reduction in the state share.

At present, the state owns 83% of the banking system, which hinders both development of the sphere itself and entire economy of the country as a whole.