Foreign investments to be attracted to the capital of banks

Tashkent, Uzbekistan (UzDaily.com) -- On 28 March, President of Uzbekistan Shavkat Mirziyoyev got acquainted with a presentation on attracting foreign investment in the capital of Asakabank and Uzpromstroybank.

The importance of the banking system in the economy is great. As a result of reforms in this area over the past three years in our country, the volume of bank lending has increased by 2 times, the capital of banks - by 1.6 times.

Domestic banks for the first time received prestigious international credit ratings and placed Eurobonds on international capital markets. The number of private banks has increased

Also, prestigious banks of Hungary, Kazakhstan, Georgia and Turkiye entered the market of Uzbekistan. As a result of the transformation of Ipoteka-Bank, a strategic foreign investor invested in its capital.

In continuation of this work, it is planned to attract foreign investment in the capital of Asakabank and Uzpromstroybank. To do this, together with international financial institutions, 30 qualified specialists with international experience were attracted to these banks.

During 2023, it is planned to attract US$125 million to the capital of Uzpromstroybank, and US$100 million to Asakabank. Modern software products and more than 100 new types of banking services will be introduced into operational activities.

As a result of this work, as expected, by the end of 2027, the income of Uzpromstroybank will increase by 1.61 times, the loan portfolio will 1.6 times. Deposits in Asakabank will increase by 1.71 times, and the volume of bank assets - by 1.72 times.

Most importantly, confidence in these and other banks of Uzbekistan in the international financial market will increase, and their attractiveness for foreign investors and partners will increase.

During the presentation, instructions were given on inviting international consultants to this process, increasing capital and attracting additional investments in banks.