Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan has put up for sale state shares in the authorized capital of Poytakht Bank and Uzagroexportbank.

The Agency for State Assets Management of the Republic of Uzbekistan announced its intention to sell 100% of the state block of shares in the authorized capital of Poytakht Bank and Uzagroexportbank.

The agency noted that the internationally recognized consulting company Deloitte was selected as a privatization consultant for JSC Poytakht Bank, and Grant Thornton was chosen for JSCB Uzagroexportbank.

The shares will be sold through an open process of selling a block of shares on the basis of maximizing the value, as well as further developing and increasing the financial stability of financial institutions.

The process of selling bank shares will consist of the following stages:

1) Expression of interest by submitting a package of documents consisting of an application for participation, criteria for selecting participants and choosing a winner, as well as information about the applicant;

2) Pre-qualification selection;

3) Qualifying selection of commercial and financial proposals;

4) Conclusion of the transaction.

Applications for the first stage are accepted until 20 June 2021.

Poytakht Bank was established in 2019. The main activity of the Bank is to carry out commercial banking operations, operations with securities, foreign exchange, granting loans and guarantees. Khokimiyat of Tashkent owns 100% of the bank’s shares.

Uzagroexportbank was established in 2017. The main goal of the bank is to provide financial support to exporting organizations, to ensure effective and sustainable development of the export potential of fruit and vegetable products, to further create favorable conditions for producers of agro-industrial products and the population, to provide them with a wide range of banking and financial services. The bank’s shareholders are the Fund for Reconstruction and Development of Uzbekistan (75%), NKEIS Uzbekinvest (10%), Uzagrosugurta JSC (5%), Kafolat SK JSC (5%) and Uzbekoziqovqatholding Holding (5%).