Uzbekistan To Cut Number Of State-Owned Banks Under Uzbekistan-2030 Strategy

(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, January 2. Uzbekistan plans to gradually privatize its state-owned banks under the updated Uzbekistan-2030 Strategy, reducing their number from nine to four by 2030, Trend reports via the country's Ministry of Justice.

According to the draft strategy document published on the ministry's platform for public discussion, the reform implies the privatization of at least one state-owned bank each year.

At present, the state owns nine banks, including the National Bank of Uzbekistan, Agrobank, Uzpromstroybank, Asaka Bank, the People's Bank, Business Development Bank, Mikrokreditbank, Aloqabank, and Turonbank.

The document also envisages an initial reduction in the number of state-owned banks to eight in 2026 as part of the phased privatization process.

Earlier, the European Bank for Reconstruction and Development (EBRD) announced its plans to acquire a 15% stake in Uzbekistan's state-owned Asakabank.

An agreement outlining the key commercial terms of Asakabank's privatization was signed by the Ministry of Economy and Finance on behalf of the Uzbek government, the EBRD, and Asakabank, aimed at strengthening institutional cooperation. Subject to the full completion of agreed conditions, including transactional, regulatory, and corporate legal requirements, the EBRD plans to enter Asakabank's shareholder structure in 2026.

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