Tashkent, Uzbekistan (UzDaily.com) — The deadlines for the privatization of Uzbekistan’s three largest banks — Asakabank, Uzpromstroybank, and Alokabank — have been postponed once again.

On 27 December, President Shavkat Mirziyoyev signed a decree making changes to the strategy for reforming the banking system, which covers the period from 2020 to 2025. The new deadline for the sale of state shares in these banks is set for 2025.

The privatization of these financial institutions has been delayed several times. Initially, the state shares of Uzpromstroybank were meant to be sold by the end of 2022, but the deadline was then extended to the end of 2023.

It was later planned to reduce the state’s stake to less than 50% by the end of 2024, but this has not yet happened. Currently, the key shareholders of the bank are the Reconstruction and Development Fund of Uzbekistan (82.19%), the Ministry of Economy and Finance (13.48%), Uztransgaz (1.21%), and others (2.26%).

As for Asakabank, privatization was initially planned for the end of 2023. In May 2024, the president announced the signing of an agreement with the European Bank for Reconstruction and Development on this matter.

The main shareholders of Asakabank are the Reconstruction and Development Fund (88.22%), the Ministry of Economy and Finance (10.85%), the Bukhara Oil Refinery (0.73%), Uzavtosanoat (0.1%), Uzagrosugurta (0.08%), and Uzbekinvest (0.02%).

The privatization of Alokabank through an IPO has also been delayed. According to the original plan, the placement of shares on the stock exchange was to take place by 1 July 2023, but the deadline has now been moved to 1January 2025. The main shareholders of the bank are the Reconstruction and Development Fund (61.8%), Uztelecom (22.03%), the Information and Communication Technology Development Fund (6.3%), the Ministry of Economy and Finance (4.32%), the State Enterprise for Electromagnetic Compatibility (2.11%), and others (3.44%).