Uzbekistan Will Not Privatize State-Owned Banks in 2026

Tashkent, Uzbekistan (UzDaily.com) — In 2026, Uzbekistan will not conduct privatization of state-owned banks, according to the updated “Uzbekistan-2030” Strategy approved by the President on 16 February.

Currently, the state owns nine banks: the National Bank of Uzbekistan (NBU), Agrobank, Uzpromstroybank, Asakabank, People's Bank, Bank for Business Development, Microcreditbank, Alokabank, and Turonbank.

The updated strategy keeps the number of state banks in 2026 at the same level as the previous year. A large-scale privatization is planned for subsequent years: by 2027, the number of state banks will decrease to seven; in 2028 — to six; in 2029 — to five; and by 2030, four banks will remain, with the list not yet disclosed.

This edition of the strategy differs from the draft released for public discussion in late December 2025, which proposed privatizing at least one state bank each year, including 2026. The previous version adopted in September 2023 indicated the state would retain ownership of three to four banks.

Earlier reports noted that the European Bank for Reconstruction and Development (EBRD) will acquire a 15% stake in Asakabank in preparation for its privatization in 2026.

According to the Ministry of Economy and Finance’s financial strategy, the final phase of privatizing Uzpromstroybank is expected in 2025–2026, while Asakabank, Alokabank, and Turonbank are scheduled for 2026–2027. Privatization of NBU, Agrobank, Microcreditbank, People's Bank, and Bank for Business Development is not planned for 2026–2028.

In September 2025, the President approved transferring 30% of Uzpromstroybank shares to the National Investment Fund of Uzbekistan, while 40% of Microcreditbank and 25% of Bank for Business Development were removed from the Fund’s portfolio.

The updated strategy confirms a gradual but steady plan to reduce the number of state banks by 2030, retaining control over four institutions while deferring privatization until after 2026, ensuring a smooth transition to a larger role for private capital in the banking sector.