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Sovcombank acquires Uzbek Uzagroexportbank
By the end of the year, the Uzbek authorities intend to sign agreements with the Russian Sovcombank and Expobank on the sale of 100% of Uzbek Uzagroexportbank and Poytakht Bank.
The Tashkent administration will sell to Russia two banks, Uzagroexportbank and Poytakht Bank. The deals are expected to be closed by the end of 2022. “I think we will sign agreements with Sovcombank and Expobank on the sale of 100% of Uzagroexportbank and Poytakht Bank, respectively, by the end of the year,” said Deputy Prime Minister of Uzbekistan Jamshid Kuchkarov.
Launched in 2017, Uzagroexportbank specializes primarily in lending to the agro-industrial complex of the republic. The owner of the bank is the administration of the capital of Uzbekistan.
Also owned by the Tashkent administration, Poytakht Bank was established in late 2018. As of August 1, the bank's assets, liabilities and loan portfolio amounted to 256 bn soums, 125 bn soums and 99 bn soums, respectively.