Asakabank could become one of the first state-owned banks to be privatized. This was stated by Alisher Miraliyev, Deputy Director of the Agency for State Asset Management, in an interview with Spot on the sidelines of the VIII Cbonds International Conference “Capital Market of the Republic of Uzbekistan”.
Miraliyev clarified that the authority to privatize state-owned banks lies with the Ministry of Economy and Finance. He said that preparing banks for sale requires thorough pre-sale preparation and assessments by consultants, as banks are sensitive assets affected by various factors, including geopolitical risks.
“The consultants are working. I think that, as it becomes ready, Asakabank could be one of the first,” the agency’s deputy head said.
Asked about the timing of Asakabank’s sale, Miraliyev suggested that the privatization process would most likely not be completed by the end of this year.
Asakabank privatization
In April, the president approved measures to accelerate the sale of the state’s stake in Asakabank. The bank will transfer four non-core projects worth 382.5 billion soums, as well as the property of a former agricultural machinery plant, to the Agency for State Asset Management.
An additional $95 million from the state budget will be contributed to the bank’s authorized capital. No dividends on ordinary shares will be paid for 2024−2025. The bank’s debt to the Ministry of Economy and Finance, amounting to almost 2 trillion soums, may be converted into equity.
By September, the government is expected to prepare proposals for the sale of a 15% stake in Asakabank to the EBRD. International consultants from the “Big Four” accounting firms may be engaged to develop the draft agreement.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
