Uzbekistan

Hamkorbank is the digital bank to beat in Uzbekistan, even though its rivals are raising their game in mobile banking in this nation of 34 million.

Depending on how you look at it, opening shop in Uzbekistan in 2019 was either poorly timed or a stroke of genius. Kazakhstan’s Halyk Bank is doing a solid job of proving that its decision to set up Tenge Bank in Uzbekistan, now in its fourth year, was the smart thing to do as it increases its footprint in local investment circles.

Orient Finans Bank’s year was, statistically speaking, a study in how to succeed even in the harshest of economic environments.

Over the last century, Sanoat Qurilish Bank has had a front-row view of Uzbekistan’s economic zigs and zags. But it is the work the bank is doing to forge a greener future that put it in front to win our awards for best domestic bank and best for environmental, social and governance this year.

Few banks in Central Asia have managed to build as strong and progressive a franchise in such a short period as Asia Alliance Bank. Since 2009, it has moved up the ranks based on its market share for small and medium-sized enterprises. Today, SMEs account for more than 67% of the bank’s loan portfolio.

Russia’s invasion of Ukraine has far-reaching consequences for Uzbekistan’s privately owned Hamkorbank. The bank had just pulled through the pandemic when it had to take a hard look at exposure to Russian trade and the rouble. 

Uzbekistan promises to transform its stock and bond markets in an effort to lure much-needed capital from abroad. Roadshows, tax cuts and easing of restrictions are on the agenda as Tashkent prepares to sell off state assets. 

Government officials and bankers see the Covid-19 crisis as an opportunity to overhaul energy policy and expand the range of financing options available for the country’s infrastructure needs.