Government plans to partly privatize 8 banks

In Uzbekistan, part of the 8 joint-stock commercial banks is being prepared for privatization. The head of the State Assets Management Agency Akhadbek Khaydarov told Kun.uz.

Khaydarov said that 25% of shares of O'zsanoatqurilishbank, Turon, Asaka bank are expected to be sold freely in the market this fall.

“At the moment, the work on assessing the shares of banks is underway. It is expected that privatization will be carried out in two stages. Initially, 10% of the stake will be put up for sale. Then, depending on the results of the first stage another 15% will be offered,” he said.

According to the Agency director, the European Bank for Reconstruction and Development (EBRD) is interested in the JSC Asaka and Aloqa bank shares. The International Finance Corporation (IFC) may also purchase the O'zsanoatqurilishbank shares.

On July 2 of this year, the IFC Board of Directors approved to issue a credit line in the amount of $35 million that is convertible into shares of the JSC Ipoteka Bank.  

At the same time, there is no clear decision about the Mikrokreditbank, People’s Bank and the National Bank for foreign economic activity, in which there are high state shares.