Best bank - Not awarded
Best local partner/best debt house - Carthill Asset Management
The obvious candidate for the best bank award in Uzbekistan is the National Bank of Uzbekistan (NBU), which enjoys a government-supported monopoly and has around 72% of all banking assets in the country.
However, the bank has suffered from excessive intervention by the government in its affairs. In particular, the government still refuses to alter the country's currency convertibility regime, which is enriching a handful of politicians and businessmen at the expense of the country's FDI. Whether this is its fault or not, NBU is in effect an agent of this government, which is actually obstructing business rather than encouraging it.
In addition, Uzbeks complain that the bank, lacking in any serious competition, treats customers badly. Second-tier banks have benefited from this attitude, as customers leave NBU and seek a better service elsewhere. For these reasons, Euromoney is granting no award for best bank in Uzbekistan.
The view in the private sector is a little better. One bank in particular has shown sterling entrepreneurial initiative - Carthill Asset Management. The bank, run by former deputy finance minister Ansar Rasulev, has managed to forge a niche for itself in the country's fledgling corporate bond market.