Tashkent, Uzbekistan (UzDaily.uz) — KDB Bank Uzbekistan JSC has said that its parent company, Korea Development Bank (KDB), has made no decision to sell its stake in the Uzbek subsidiary. The bank was responding to recent media reports about a possible exit from the market.
Bank's statement
In an official statement, KDB Bank Uzbekistan confirmed that Korea Development Bank "periodically conducts an overall strategic review of its overseas branches and subsidiaries," including its Uzbek unit. It stressed, however, that "there is no decision made by Korea Development Bank regarding the sale of ownership interest in its Uzbek subsidiary."
The bank said it remains one of KDB's key overseas subsidiaries and continues to operate with its parent's support. It added that it remains committed to providing reliable financial services to customers and to contributing to the development of Uzbekistan's financial sector.
Media report
The statement followed a report by the South Korean business publication Pulse. Citing unofficial financial industry sources, Pulse said KDB was considering selling its Uzbek business as part of a review of its overseas network.
