Tashkent, Uzbekistan (UzDaily.uz) — Standard Chartered acted as the sole mandated lead arranger for a 770 million yuan syndicated loan for Uzbekistan’s Asakabank.
The transaction is aimed at supporting growing trade and investment flows between Central Asia and China and expanding the use of the yuan in cross-border financing, Standard Chartered said.
For Asakabank, the transaction is its first syndicated loan denominated in the Chinese currency. For Standard Chartered, it is the bank’s third transaction with a bank in Uzbekistan.
Asakabank plans to use the funds to finance customers importing goods from China, supporting the development of cross-border trade along the Uzbekistan–China route.
The transaction is part of broader cooperation between the two financial institutions focused on expanding yuan-denominated operations and cross-border capabilities.
As part of the cooperation, Standard Chartered and Asakabank signed a memorandum of understanding at the 11th Belt and Road Summit in Hong Kong, held on 9–10 September. The agreement provides for cooperation on yuan operations and the development of trade corridors.
The memorandum builds on the banks’ existing cooperation and complements Asakabank’s plans to open a yuan account with Standard Chartered in Hong Kong.
Asakabank Chief Financial Officer Amin Semmari said stronger trade ties between Uzbekistan and China were increasing demand for yuan-based financing solutions. He said the transaction reflected the two banks’ commitment to supporting trade flows and developing cross-border business.
“We look forward to further strengthening our partnership with Standard Chartered and supporting the continued development of trade and economic cooperation between Uzbekistan and China,” Semmari said.
Lucy Rahal, Standard Chartered’s executive director for public sector coverage, said the yuan was playing an increasingly important role in facilitating trade and investment flows between Uzbekistan and China.
She said the loan and expanded cooperation with Asakabank reflected growing demand for yuan-based solutions linked to cross-border business activity and the development of commercial ties between China and Central Asian countries.
