4 state-owned banks are being prepared for privatisation: Uzpromstroybank, Asakabank, Aloqabank and Turonbank
The Ministry of Economy and Finance's fiscal strategy for 2027–2029 sets out the transformation and privatisation of four state-owned banks. Which document was adopted for each bank and what stage the process is at.
According to the Ministry of Economy and Finance's fiscal strategy for 2027–2029, directions have been set for the transformation and privatisation of Uzpromstroybank, Asakabank, Aloqabank and Turonbank. The process covers improving the banks' corporate governance, expanding cooperation with international financial institutions and attracting strategic investors.
Status of each bank
| Bank | Main document | What was set |
|---|---|---|
| Uzpromstroybank (SQB) | Presidential Resolution PQ-289 of 19 September 2025; Resolution PQ-74 of 25 February 2026 | Transfer of 30 percent of the bank's shares to the National Investment Fund; this stake was later raised to 40 percent |
| Asakabank | Presidential Resolution PQ-149 of 20 April 2026 | Additional measures to speed up privatisation and attract a strategic investor; agreement on the key terms for the EBRD to buy 15 percent of the bank's shares |
| Aloqabank | Fiscal Strategy 2027–2029 | Reform in cooperation with the EBRD and the Asian Development Bank; no specific timing or size of a share sale is given |
| Turonbank | Presidential Decree PF-177 of 28 August 2026 | The state's 98.9 percent stake is included in the list of share packages to be offered at public auctions in 2026–2027 |
Details
SQB. According to the Ministry of Economy and Finance, the bank's shares are planned to be brought to the international capital market through an IPO in 2027–2028. The bank is currently being transformed in cooperation with the International Finance Corporation (IFC) and is preparing for a public share offering.
Asakabank. Under Resolution PQ-149, an agreement was signed between the Ministry of Economy and Finance, the European Bank for Reconstruction and Development (EBRD) and Asakabank. Work is now under way to transform the bank, raise its operational efficiency and prepare it for privatisation.
Aloqabank. Privatisation of the bank was also set out in earlier state programmes: transformation of its operations in the first stage, and sale of the state's shareholding to investors in the next.
Turonbank. Under Decree PF-177, the bank is privatised by the Ministry of Economy and Finance based on the conclusions of international advisers and the bank's readiness.
How far will the number of state banks be reduced?
The "Uzbekistan — 2030" strategy, updated by Presidential Decree PF-21 of 16 February 2026, sets the goal of reducing the number of state-owned banks as follows:
| Year | Number of state-owned banks (target) |
|---|---|
| 2027 | 7 |
| 2028 | 6 |
| 2029 | 5 |
| 2030 | 4 |
How to understand the terms
The explanation below was compiled by the author.
- Privatisation — selling state-owned shares to private investors.
- Strategic investor — an investor that acquires a large stake in a bank and takes part in managing it (for example, an international financial institution or a large bank).
- IPO — the first public sale of shares to a wide range of investors through a stock exchange.
- Public auction — selling a share package through open bidding.
Example (compiled by the author, illustrative figures). Suppose a bank's charter capital is divided into 1 000 000 shares. A 15 percent stake would be 150 000 shares, and a 40 percent stake 400 000 shares. A 98.9 percent stake, as in the Turonbank case, would equal 989 000 shares.
For a bank customer or a company accountant: privatisation means a change of the bank's owner (shareholder). If anything changes for accounts, cards or contracts, follow the bank's official announcements.
Official source
- Ministry of Economy and Finance: Fiscal Strategy 2027–2029 (PDF)
- Presidential Resolution PQ-289 of 19 September 2025 (Lex.uz)
- Presidential Resolution PQ-74 of 25 February 2026 (Lex.uz)
- Presidential Resolution PQ-149 of 20 April 2026 (Lex.uz)
- Presidential Decree PF-177 of 28 August 2026 (Lex.uz)
- Presidential Decree PF-21 of 16 February 2026 (Lex.uz)
- Kapital.uz: Ministry of Economy and Finance data, IPO plan for 4 state companies (2027–2028)
For information only; check the official text at the source.