EBRD May Acquire 15% Stake in Asakabank

Tashkent, Uzbekistan (UzDaily.com) — President of Uzbekistan Shavkat Mirziyoyev signed a decree on April 20 introducing additional measures to accelerate the privatization of Asakabank. The document outlines new steps aimed at transforming one of the country’s major state-owned banks and attracting international investors.

According to the decree, the Ministry of Economy and Finance, the European Bank for Reconstruction and Development (EBRD), and Asakabank have signed an agreement focused on improving the bank’s operational efficiency and capitalization. Under the arrangement, EBRD’s potential participation in the bank’s equity is being considered at a level of up to 15%.

The reform process envisions transitioning banking operations to market-based principles, phasing out non-core functions, and aligning asset valuations with market standards.

To strengthen Asakabank’s capital base, approximately US$95 million is planned to be allocated from the state budget in 2026. In addition, the bank’s net profit for 2024–2025 will not be distributed as dividends.

Further measures include capital support mechanisms, such as compensating for potential capital reductions following the transfer of certain assets to the State Assets Management Agency. Within this framework, the Ministry of Economy and Finance may convert previously issued loans to the bank, amounting to around 2 trillion soums, into share capital.

The Ministry, together with Asakabank, has been instructed to prepare proposals by 1 September 2026, on the valuation of the 15% stake and the terms of a potential investment agreement with the EBRD.