Privatization of state banks is slowing down – Fitch

The process of privatizing state banks in Uzbekistan is observed to be slowing down. This was reported by Zamin.uz.

According to a report by Fitch Ratings agency, no large-scale changes are expected in this area in the near future. The report states that the process of changing the business models of state banks is progressing slowly, and a high share of loans issued under loyalty programs is the reason for this.

These loans negatively affect the financial results of the banks. According to Fitch, the transformation of state banks serves to improve corporate governance, increase profitability, and enhance efficiency.

This also creates favorable conditions for attracting foreign investors. At the same time, Uzbekistan's bank privatization program has chosen a selective approach.

Currently, the focus is mainly on the privatization of "O‘zpromstroybank". The National Investment Fund of Uzbekistan plays an important role in the privatization process of this bank.

The Fund aims to achieve successful results by preparing the bank for privatization and supporting the process. According to Fitch agency data, in October 2025, "O‘zpromstroybank" issued bonds worth 300 million dollars, which helped strengthen the bank's capital base.

According to forecasts, the bank's privatization process will be carried out in 2026 after the Fund's IPO. The sale of the controlling stake in "O‘zpromstroybank" may also serve as an example for other state banks, including "Asakabank" and "Aloqabank".