The 2023 plan envisaged attracting US$125m into SQB and US$100m into Asakabank. Around 30 international specialists were involved in the banks' transformation.
More than 100 new banking services had been introduced. System lending had doubled and bank capital increased 1.6 times over the prior three years. The work was positioned as preparation for strategic foreign investment and privatisation.
The proposed capital raising created a pre-privatisation pathway for two state banks, but the announced US$225m was a plan rather than a closed round or paid-in capital.
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