Tashkent, Uzbekistan (UzDaily.com) -- Hamkorbank is being boosted by support from international financial institutions in a move that will take it to the next stage of growth. A Swiss-based shareholding company managed by responsAbility Investments and specializing in development investments has purchased 7.66 percent of the bank’s shares from IFC, representing approximately half of the shares held by IFC before the transaction.  

IFC, a member of the World Bank Group, was the first global investor in Hamkorbank in 2001 and its first foreign shareholder in 2010. IFC remains an active shareholder in Hamkorbank and will continue to support the bank’s development.

“We are delighted to welcome responsAbility as our new shareholder and are proud that another reputable investor has demonstrated its confidence in Hamkorbank,” said Ikram Ibragimov, founding shareholder and Chairman of the Supervisory Board of Hamkorbank. “We look forward to continue providing high-quality financial services and growing with our customers.”

“responsAbility is excited to join IFC as a shareholder in Hamkorbank and to support the bank’s inclusive finance and sustainable banking solutions offered to valued micro, small, and medium-sized enterprises across Uzbekistan. We believe that Hamkorbank’s national presence, strong brand, and highly capable team position it well to continue to grow and prosper in a time of swift policy change and economic development in Uzbekistan,” said Michael Fiebig, Head of Financial Institutions Equity at responsAbility. 

“IFC is glad to introduce to the bank’s shareholding a like-minded private-sector investor with a development goal and objective to support the expansion of Hamkorbank’s banking services for smaller businesses, including in the country’s rural areas and Fergana valley where the bank has a strong presence,” said Cassandra Colbert, IFC’s Regional Manager for Central Asia.  

During its long-standing partnership, IFC has provided Hamkorbank with more than $60 million in debt, equity, trade finance facilities and hedging instruments. IFC has also helped the bank develop risk management practices, build capacity to finance agri-businesses, and introduce global best practices in several areas, including corporate governance, SME banking and branch management.