TASHKENT, Uzbekistan, January 2. Uzbekistan
plans to gradually privatize its state-owned banks under the
updated Uzbekistan-2030 Strategy, reducing their number from nine
to four by 2030,
Trend reports via the country’s Ministry of Justice.
According to the draft strategy document published on the
ministry’s platform for public discussion, the reform implies the
privatization of at least one state-owned bank each year.
At present, the state owns nine banks, including the National
Bank of Uzbekistan, Agrobank, Uzpromstroybank, Asaka Bank, the
People’s Bank, Business Development Bank, Mikrokreditbank,
Aloqabank, and Turonbank.
The document also envisages an initial reduction in the number
of state-owned banks to eight in 2026 as part of the phased
privatization process.
Earlier, the European Bank for Reconstruction and Development
(EBRD) announced its plans to acquire a 15% stake in Uzbekistan’s
state-owned Asakabank.
An agreement outlining the key commercial terms of Asakabank’s
privatization was signed by the Ministry of Economy and Finance on
behalf of the Uzbek government, the EBRD, and Asakabank, aimed at
strengthening institutional cooperation. Subject to the full
completion of agreed conditions, including transactional,
regulatory, and corporate legal requirements, the EBRD plans to
enter Asakabank’s shareholder structure in 2026.
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