An updated draft of the national “Uzbekistan–2030” strategy has been put up for public discussion on the SOVAZ portal, triggering a new “line-up” in the financial market. According to the document, the government plans to gradually reduce its share in the banking sector: five major credit institutions are set to be transferred into private hands. This was reported by upl.uzreports.
The strategy contains a clear “calculation”: by early 2026, the number of banks with state participation should decrease by at least one, and by the end of the decade the government is expected to retain only four core financial institutions. In the previous version approved in autumn 2023, it was noted that the state could keep 3–4 banks.
Currently, the state retains stakes in 9 banks: the National Bank for Foreign Economic Activity (NBU), Agrobank, Uzpromstroybank, Asakabank, Xalq Bank, the Business Development Bank, Mikrokreditbank, Aloqabank, and Turonbank. Under the plan, at least one bank should undergo privatization each year.
The new financial “rulebook” also set a strict benchmark for the state sector’s share in banking system assets: it should be 65% in 2026 and fall to 55% by 2030. For comparison, as of December 1 this year, state banks control 64.53% of assets—576.2 trillion soums in monetary terms.
Notably, the updated strategy removed the clause on mandatorily attracting at least four reputable foreign banking groups to the domestic market.
According to economic commentator Otabek Bakirov, the most realistic near-term candidates for sale are relatively small banks—Aloqabank or Turonbank. Full privatization of sector “heavyweights” Uzpromstroybank and Asakabank, based on asset-target indicators, may be delayed until 2028. Nevertheless, preparations have already begun: it was announced that an agreement has been reached on the European Bank for Reconstruction and Development (EBRD) intending to purchase a 15% stake in Asakabank in 2026.
According to the Ministry of Economy and Finance’s timeline, privatization of Uzpromstroybank is planned to be completed in 2025–2026. NBU, Agrobank, Mikrokreditbank, Xalq Bank, and the Business Development Bank will remain under state control at least until the end of 2028.
In September, by presidential decree, 30% of Uzpromstroybank shares were transferred to the Uzbekistan National Investment Fund, while stakes in Mikrokreditbank and the Business Development Bank were removed from the fund’s portfolio. Fitch experts also noted that at the next stage of reforms, Uzpromstroybank has been singled out as a priority asset for sale.
Historical fact: Uzbekistan’s first bank with foreign capital participation emerged in the late 19th century, when a branch of the State Bank of the Russian Empire began operating in Tashkent, paving the way for the region’s integration into the international financial system of that era.
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