12 March, 2019

Several banks from Russia, Kazakhstan plan to open branches in Uzbekistan

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Several banks from Russia and Kazakhstan are planning to open their branches in Uzbekistan, Trend reports with reference to Uzbek Central Bank Chairman Mamariso Nurmuratov.

"Several foreign commercial banks expressed their desire to work in the Uzbek market. We have certain requirements regarding the creation of a subsidiary bank, and they are working on their execution. Speaking in detail, Halyk Bank (Kazakhstan) is now working productively to create a subsidiary bank ", he said during a press conference in the capital.

He stated that there are also several other banks from Russia and Kazakhstan, which have expressed a desire to open their subsidiaries in the country.

"Moreover, there is a certain category of investing banks that want to enter Uzbek banks capital and thus create a joint bank. In this context, we continue to work and we are always happy to see a foreign investor," Nurmuratov stressed.

He also noted that a number of international financial institutions intend to enter the capital of domestic banks through the allocated credit lines. Chairman of Central Bank underlined that the International Finance Corporation is working with Uzbek Ipoteka Bank, and plans to work with Asia Alliance Bank. The European Bank has begun certain negotiations regarding the Aloka Bank.

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