Uzbekistan’s Ministry of Economy and Finance, the European Bank for Reconstruction and Development (EBRD), and Asakabank have signed a Term Sheet setting out the key commercial terms for the bank’s privatization. The agreement was formalized as part of implementing the presidential decree dated May 12, 2020, and aims to institutionally strengthen cooperation between the parties. This was reported by podrobno.uzreports.
According to the document, the EBRD plans to acquire a 15% equity stake in Asakabank. If all agreed requirements—transactional, regulatory, and corporate-legal procedures—are fully completed in due order, the EBRD’s entry into the bank’s share capital is expected in 2026.
This stage is seen as one of the key steps under the presidential decree aimed at transforming state-owned banks, improving the efficiency of state asset management, reducing financial risks, and strengthening the stability of the banking system.
Cooperation with the EBRD during Asakabank’s privatization will cover several areas. These include improving corporate governance and increasing transparency of the bank’s operations, introducing international standards for risk management and internal audit, strengthening the capital base and operational resilience, and developing a sustainable market model focused on commercial efficiency.
It was also noted that, ahead of the next stages of privatization, special attention will be paid to enhancing the bank’s investment attractiveness.
Earlier, it was reported that the EBRD could provide up to $70 million in loans to support small and medium-sized businesses, which generate nearly half of Uzbekistan’s gross domestic product.
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