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Foreign investments to be attracted to the banks’ capital

2023-03-29 | Politics

On March 28, President Shavkat Mirziyoyev got acquainted with a presentation on attracting foreign investment in Asakabank and SQB’s capital.

The importance of the banking system in the economy is great. As a result of reforms in this area over the past three years in Uzbekistan, the volume of bank lending has increased by 2 times, the capital of banks – by 1.6 times.

Domestic banks for the first time received prestigious international credit ratings and placed Eurobonds on international capital markets. The number of private banks has grown.

Prestigious banks from Hungary, Kazakhstan, Georgia, Türkiye entered the market of Uzbekistan. As a result of Ipoteka Bank’s transformation, a strategic foreign investor invested in its capital.

In continuation of this work, it is planned to attract foreign investment in Asakabank and SQB’s capital. To do this, together with international financial institutions, 30 qualified specialists with international experience were attracted to these banks.

During 2023, it is planned to attract $125 million to SQB’s capital, and $100 million to Asakabank. Modern software products and more than 100 new types of banking services will be introduced into operational activities.

As a result of this work, as expected, by the end of 2027, the income of SQB will increase by 1.61 times, the loan portfolio by 1.6 times. Deposits in Asakabank will increase by 1.71 times, and the volume of bank assets by 1.72 times. Most importantly, confidence in these and other banks of Uzbekistan in the international financial market, and their attractiveness to foreign investors and partners will increase.

At the presentation, instructions were given on inviting international consultants to this process, increasing capital and attracting additional investments in banks.

Source: UzA