Dilshod Ikramov replaces Akhror Makhmudov as head of Uzcard

Dilshod Ikramov has replaced Akhror Makhmudov as head of Uzcard, Spot writes with reference to the Unified State Register of Enterprises and Organizations.

Dilshod Ikramov previously headed the information technology department of the Central Bank and prior to that, he was the deputy head of another payment system – HUMO.

Akhror Makhmudov, erstwhile head of the company, earlier said that Uzcard, which was originally a state-owned company, was later privatized.

“When I was appointed CEO, the main founder was a British company. Due to the fact that the market began to change, an alternative appeared in the form of the HUMO payment system, foreign partners decided to leave the market. A long process of negotiating the sale began. Then I expressed a desire, as the head of the company, to buy out a 75 percent stake. I took a certain amount of loan from the bank. When the debt load began to increase, I decided to sell my share in Uzcard. The new founder took over my investment obligations,” he explained.

At the beginning of August, the founders changed again in the company and the controlling stake returned to the state represented by the National Bank for Foreign Economic Affairs, which received 51 percent of shares.