Finance • 06 February, 2019

Kazakh Halyk Bank gets permission to open branch in Uzbekistan

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Kazakhstan’s Halyk Bank has received prior permission from the Uzbek Central Bank to open a branch in Uzbekistan, the Central Bank’s First Deputy Chairman Timur Ishmetov told in an interview, Trend reports.

"Halyk Bank handed over a document to obtain prior permission to open a bank, but not a license yet. Last week, it received prior permission from the Central Bank, based on which it can begin activities for opening a bank. It is valid for six months and Halyk Bank must prepare a building that meets the requirements and form a capital during the period. If these two requirements are met, it can get a license," Ishmetov said.

Ishmetov also noted that the Georgian TBC Bank has not yet applied to the Central Bank to obtain a license.

"TBC Bank has not handed over documents for obtaining a license. So far, they have expressed an intention to open a bank, have prepared a business plan, they are studying the market, but have not yet handed over the documents," he explained.

TBC announced its intention to enter Uzbekistan in early January.

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