“Asakabank” and “Uzpromstroybank” will attract $225 million in private investment

On March 28, Shavkat Mirziyoyev got acquainted with a presentation on attracting foreign investment in the capital of Asakabank and Uzpromstroybank. It was reported by Spot with reference to the press service of the head of state. During the meeting, it was noted that Uzbek banks for the first time received international credit ratings and placed Eurobonds abroad.

Over the past three years, the volume of bank lending in the country has doubled, and the capital of banks – 1.6 times.

In addition, credit organizations from Hungary, Kazakhstan, Georgia, and Turkey have entered the banking market of Uzbekistan. For example, the sale of the state stake in Ipoteka-Bank to the Hungarian OTP brought in the third of the proceeds from privatization in 2022 — $324 million.

During this year, Asakabank and Uzpromstroybank will raise $125 million and $100 million, respectively. To do this, banks will additionally hire 30 qualified specialists with international experience.

By 2027, the income and loan portfolio of Uzpromstroybank will grow by 60%, while deposits and the volume of bank assets in Asakabank will grow by more than 1.7 times.

The changes are expected to increase confidence in both credit institutions and the banking sector of Uzbekistan as a whole. This, in turn, will increase its attractiveness to foreign investors.