According to Fitch Ratings, large-scale privatization of state-owned banks is not expected in Uzbekistan in the near future. This conclusion was announced in the agency’s official report.
"We do not anticipate large-scale privatization in the near future due to the slow progress in transforming the business models of state-owned banks and the high share of loans issued under loyalty programs. Such loans negatively impact the banks’ operational results," the report noted.
Fitch believes that transforming the business models of state banks will improve their corporate governance, increase profitability, and enhance operational efficiency. These measures will also help attract foreign investors.
At the same time, Uzbekistan’s revised bank privatization program indicates a selective approach. The current focus is on the privatization of "Uzpromstroybank."
The Uzbekistan National Investment Fund plays a significant role in the transformation of the bank. The fund supports the preparation process for privatization, creating a foundation for successful privatization in the medium term.
Fitch noted that in October 2025, "Uzpromstroybank" issued $300 million in bonds, which strengthened the bank’s capital base. According to the agency’s forecast, the bank's privatization will take place in 2026 after the fund conducts an IPO.
The successful sale of a controlling stake in "Uzpromstroybank" could serve as a model for the privatization of other state banks, such as "Asakabank" and "Aloqabank."
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