12:08 / 29.03.2023

Foreign investments to be attracted to two large banks in Uzbekistan 

On March 28, President Shavkat Mirziyoyev got acquainted with a presentation on attracting foreign investment in the capital of Asakabank and Uzsanoatqurilishbank.

Photo: Presidential press service

According to the press service of the head of state, domestic banks for the first time received prestigious international credit ratings and placed Eurobonds on international capital markets. The number of private banks has grown.

Prestigious banks from Hungary, Kazakhstan, Georgia and Turkey also entered the Uzbek market. As a result of the transformation of Ipoteka-Bank, a strategic foreign investor invested in its capital.

In continuation of this work, it is planned to attract foreign investment in the capital of Asakabank and Uzsanoatqurilishbank. To do this, together with international financial institutions, 30 qualified specialists with international experience were attracted to these banks.

During 2023, it is planned to attract $125 million to the capital of Uzsanoatqurilishbank, and $100 million to Asakabank. Modern software products and more than 100 new types of banking services will be introduced into operational activities. 

As a result of this work, as expected, by the end of 2027, the income of Uzsanoatqurilishbank will increase by 1.61 times, the loan portfolio – by 1.6 times. Deposits in Asakabank will increase by 1.71 times, and the volume of banking assets – by 1.72 times.

“Most importantly, confidence in these and other banks of Uzbekistan in the international financial market will increase, and their attractiveness for foreign investors and partners will increase,” the press service said.

During the presentation, instructions were given on inviting international consultants to this process, increasing capital and attracting additional investments in banks.