Tashkent, Uzbekistan (UzDaily.uz) — International rating agency Fitch Ratings downgraded the long-term issuer default ratings (IDRs) of Uzbekistan’s Anorbank JSC in foreign and local currencies to CCC from CCC+ on 8 October 2026. The bank’s Viability Rating (VR) was also lowered to ccc from ccc+. Both ratings were placed on Rating Watch Negative.
According to Fitch, the decision followed Interpol’s recent issuance of a Red Notice for the bank’s main shareholder, Kakhramonjon Olimov.
The downgrade reflects increased risks to the bank’s solvency, Fitch said. It remains unclear whether the capital increase plan will be implemented, raising the likelihood that projected capital adequacy targets will not be met. The agency said this points to an extremely limited capital buffer.
The Rating Watch Negative reflects uncertainty over how reputational risks could affect Anorbank’s business profile, profitability and liquidity.
Capital and Reputational Risks
Fitch said the ccc Viability Rating primarily reflects a substantial deterioration in the bank’s capitalisation under International Financial Reporting Standards (IFRS). At the end of 2025, Fitch Core Capital stood at just 0.9% of risk-weighted assets.
A recently developed capital restoration plan envisages increasing the ratio to 5% by the end of 2026. Achieving this target would require substantial capital injections from the shareholder, and Fitch considers implementation highly uncertain.
The agency also believes recent developments have heightened reputational risks. These could significantly affect business development, profitability and funding stability if counterparties lose confidence and the bank’s market position weakens.
Fitch raised its assessment of the relevance of the environmental, social and governance (ESG) factor relating to Anorbank’s corporate governance structure from 3 to 5. The change reflects risks associated with a key individual and allegations against the bank’s shareholder.
What Could Change the Ratings
Fitch could lower the Viability Rating to f if the bank no longer met the agency’s criteria for remaining a going concern. This could happen, for example, if Anorbank became loss-making or breached minimum capital adequacy requirements and required extraordinary capital support.
The agency could also downgrade the ratings if the bank’s liquidity profile deteriorated significantly, increasing the risk of default on its senior obligations.
The ratings could be affirmed and removed from Rating Watch Negative if Fitch concludes that risks related to the legal proceedings involving the bank’s owner are manageable. Indicators would include continued market access, stable funding and an adequate liquidity buffer. Fitch considers an upgrade highly unlikely.
Anorbank’s Government Support Rating remains at no support. Fitch said this reflects recently adopted bail-in legislation providing for the liquidation of banks that are not systemically important if they become insolvent.
Anorbank Responds With Share Issue and Olimov’s Exit From Supervisory Board
Anorbank said it had taken the necessary steps to address factors that previously led to the rating downgrade and was implementing a plan to strengthen its capital position.
On 5 October, an extraordinary general meeting of shareholders approved an additional share issue worth 100 billion soums to attract further investment.
“As a result, implementation of the capitalisation plan should no longer depend on circumstances related to an individual shareholder,” the bank said.
Anorbank said it was proceeding with the legal and corporate steps required to complete the share issue and increase its capital. The bank intends to keep the market informed about key milestones in the plan.
On 2 October, Olimov also submitted a request to leave Anorbank’s supervisory board. Shareholders are due to consider the matter at a general meeting on 28 October.
The bank stressed that it continues to operate normally, meet its obligations to customers and maintain all its core banking services.
Search for the Shareholder
A public Interpol database lists Olimov under a Red Notice. His public profile does not specify the alleged offence, the circumstances of the case or the country that requested the notice.
Interpol explains that a Red Notice is a request to law enforcement agencies worldwide to locate a wanted person and provisionally arrest them pending extradition proceedings. It is not an international arrest warrant.
On 18 September, The Insider reported, citing a source close to Olimov’s circle, that he had been remanded in custody in absentia in Uzbekistan. According to the publication, the case concerns the alleged organisation of a kidnapping and may be connected to a longstanding financial dispute between Olimov and Kapitalbank founder Batyr Rakhimov.
Olimov previously worked at Kapitalbank and owned more than 36% of its shares. Law enforcement authorities have not officially confirmed these reports.
Olimov sits on Anorbank’s supervisory board and owns 49.4% of the bank. Another 50% is held by Dutch company Bekamin B.V., while insurance company Kapital Sug’urta owns the remaining 0.6%.
Previous Downgrade to CCC+ and the Regulator’s Position
On 14 September 2026, Fitch had lowered Anorbank’s long-term ratings to CCC+. At the time, the bank said it continued to operate normally and meet all its customer obligations.
According to Anorbank, the external rating change had not affected its mobile application, transfers, cash withdrawals, or the servicing of bank cards and accounts. The bank also said it had sufficient liquidity and financial resilience.
Anorbank identified Fitch’s methodology for calculating Fitch Core Capital as one of the key factors affecting the assessment. The bank said it fully complied with the regulator’s capital adequacy requirements. Fitch’s methodology, however, deducts the value of intangible assets, including purchased software, from capital.
The bank said this factor was particularly significant for its digital business model. During its first four years of operation, Anorbank invested in remote banking systems, including scoring, customer relationship management (CRM), loan processing, card delivery, monitoring and accounting platforms. Many of these solutions were purchased outright rather than used under licence.
According to bank representatives, the external rating change had prompted it to accelerate internal improvements, including strengthening IT system stability, developing remote service channels and improving everyday customer operations.
Following The Insider report, Anorbank also said the information concerned the shareholder’s personal affairs and was unrelated to the bank’s capital, governance or current operations. The bank said it had received no official notifications or requests related to the information being circulated.
“Mixing these issues is incorrect and unacceptable,” Anorbank said in a statement.
The Central Bank of Uzbekistan said on the X platform that Anorbank continued operating without changes. Deposit, lending and payment transactions, along with other banking services, remained uninterrupted.
According to the regulator, circumstances involving an individual shareholder do not determine the bank’s day-to-day operations or financial stability.
As of 1 September 2026, Anorbank had assets of 21.4 trillion soums and liabilities of 19.8 trillion soums, according to Central Bank data. Highly liquid assets accounted for 16.9% of total assets, above the minimum requirement of 10%.
The bank’s liquidity coverage ratio (LCR) stood at 116%, while its net stable funding ratio (NSFR) was 128%. Both exceeded the minimum requirement of 100%. The regulatory capital adequacy ratio was 13%, compared with a minimum requirement of 12%.
The Central Bank said these indicators met the applicable prudential requirements.
