Uzbekistan to Accelerate Asakabank Privatization

Uzbekistan is moving forward with a new phase of banking sector reform focused on privatization, operational efficiency and the attraction of international investors. A presidential resolution adopted on 20 April 2026 sets out a roadmap for the transformation of Asakabank, one of the country’s major state-owned banks, with the aim of transitioning it to fully market-based operations. As part of this process, a trilateral agreement has been signed between the Ministry of Economy and Finance of the Republic of Uzbekistan, the European Bank for Reconstruction and Development (EBRD) and Asakabank, opening the possibility for EBRD to acquire up to a 15% equity stake in the bank.

The reform program also includes measures to strengthen Asakabank’s financial position and improve risk management. In particular, approximately USD 95 million is expected to be allocated from the state budget to the bank’s capital in 2026. Mechanisms will also be introduced to address non-performing loans, including the possible use of state resources and long-term funding instruments. Certain non-core assets are expected to be transferred for restructuring or privatization, helping the bank streamline its balance sheet ahead of the transaction.

As part of the privatization process, Asakabank will align its asset valuations with market standards, discontinue non-core functions and engage international financial and legal advisers, including leading global firms. The final terms of the potential EBRD investment, including valuation and transaction structure, are expected to be determined by September 2026. The initiative is expected to enhance the bank’s efficiency and investment profile while supporting Uzbekistan’s broader banking sector reforms and efforts to attract strategic international investors.