Tashkent, Uzbekistan (UzDaily.com) -- The EBRD and the government of Uzbekistan agreed to work jointly on the successful privatisation of one of the country’s largest state-owned lenders Asakabank.

The EBRD will be providing necessary pre-privatisation support in the form of recommendations, knowledge-sharing, technical assistance and may consider a pre-privatisation equity investment. 

As indicated in the accord signed by the Deputy Prime Minister, Minister of Economy and Finance Jamshid Kuchkarov and EBRD Managing Director for Central Asia Zsuzsanna Hargitai, the parties will work on institutional transformation and corporate governance reform at Asakabank in preparation for its privatisation.

Asakabank is one of the largest banks in Uzbekistan. As of 1 April, its assets exceed 55 trillion soums, the loan portfolio is more than 38.38 trillion soums, the bank’s capital is 6.73 trillion soums, and deposits are 12.4 trillion soums.