Privatization

Decree of the Cabinet of Ministers of the Republic of Uzbekistan "On the measures of further reformation and liberalization of bank system" of April 15, 2005 №56, has determined further directions of reformation and liberalization of bank system, maintenance of its steady development, increase of overall performance of commercial banks, increase of their capitalization level, wide participation in investment processes and structural transformations of economy.

The Decree stipulates for privatization of NBU till 2009, with realization of the part of state share to leading foreign banks and international financial institutions.

Privatization of the Republic’s largest bank is an important step by the way of further economic liberalization, development of the diversified economy.

Privatization should serve as a new pulse in perfection and development not only of the bank sector, but whole spectrum of the market relations in economy of Uzbekistan.

One of the basic purposes of the NBU’s privatization is to achieve a greater transparency in order to demonstrate to international bank community reliability and openness of the whole bank sector of the country.

NBU consults with leading foreign banks concerning their potential participation in pre-privatization measures. The attraction of authoritative foreign investment bank will help, on the one hand, to carry out a qualitative estimation of NBU, on the other hand, even more will raise trust to bank on the part of the potential investors.

The ultimate goal of NBU’s privatization is to decide problems on attraction of the foreign investors, expansion of participation in development of the society, support of small and private business, strengthening of real sector of economy.

Accompanying to the privatization process, an introduction of principles of corporate management will raise the responsibility of bank before the shareholders for final results of the activity.

Thus, NBU’s privatization meets the requirements of the time, as well as the interests both of Uzbekistan as a whole, and interests of each customer.