Tashkent, Uzbekistan (UzDaily.uz) — Asakabank may become one of the first state banks in Uzbekistan to be put up for privatisation.
Alisher Miraliev, deputy director of the State Assets Management Agency (AUGA), said this in an interview with Spot on the sidelines of the VIII Cbonds international conference "Capital Market of the Republic of Uzbekistan".
Miraliev clarified that the authority to privatise state banks rests with the Ministry of Economy and Finance.
According to him, pre-sale preparation and consultants' conclusions are of particular importance when preparing banks for sale. Banks are sensitive assets whose value and attractiveness are affected by a wide range of factors, including geopolitical ones.
"Consultants are working. I think that, as readiness allows, Asakabank may be one of the first there," the AUGA deputy head said.
Speaking about the timing of privatisation, Miraliev suggested that the sale of Asakabank would most likely not be completed before the end of 2026.
In April, the president approved measures to accelerate the sale of the state stake in Asakabank. As part of preparations for the sale, the bank must transfer four non-core projects with a total value of 382.5 billion soums to AUGA, as well as the property of a former agricultural machinery plant.
In addition, US$95 million is planned to be allocated from the budget to Asakabank's charter capital. Dividend payments on ordinary shares for 2024–2025 are not envisaged. The bank's debt to the Ministry of Economy and Finance of almost 2 trillion soums may be converted into capital.
By September, the government must prepare proposals for selling 15% of Asakabank's shares to the EBRD. International consultants from among the "Big Four" companies are permitted to be involved in drafting the agreement.
