EBRD to Acquire 15% Stake in Asakabank as Part of Privatization

Tashkent, Uzbekistan (UzDaily.com) — The Ministry of Economy and Finance of Uzbekistan, Asakabank, and the European Bank for Reconstruction and Development (EBRD) have signed a Term Sheet outlining the main commercial terms of the bank’s privatization and formally establishing the framework for cooperation between the parties.

The agreement is being implemented in accordance with Presidential Decree No. UP-5992 of 12 May 2020.

Under the agreement, EBRD plans to acquire a 15% stake in Asakabank. Upon fulfillment of all agreed conditions, including transactional, regulatory, and corporate legal requirements, EBRD will become a shareholder in 2026.

The privatization of Asakabank aims to transform state-owned banks, improve asset management efficiency, reduce financial risks, and strengthen the stability of the banking system.

Collaboration with EBRD is expected to enhance corporate governance and transparency, implement international risk management and internal control standards, strengthen the bank’s capital base and operational stability, and establish a sustainable development model based on market principles.

The project’s implementation will contribute to increased confidence among international investors in Uzbekistan’s financial market and support the further development of a competitive and resilient banking sector in the country.