Bond Investments Limited LLC of the UAE agreed to acquire a 100% stake in Poytaxt Bank. The cash consideration was US$10.0 million, payable as a one-time redemption amount.
The offer exceeded competing bids and the independent KPMG appraised value. Deloitte coordinated the privatisation and prepared the sale and purchase agreement. Closing remained subject to primary permission from the Central Bank of Uzbekistan.
The agreement provides price discovery for bank privatisation and a precedent for foreign entry, but the agreed consideration is not a completed sale before closing conditions are met.
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