Uzbekistan to Privatise Five State-owned Banks by 2030

Uzbekistan plans to privatise five state-owned banks under the updated Uzbekistan–2030 strategy published for public discussion. The reform is aimed at reducing the government’s role in the banking sector and increasing market competition.

The state currently owns nine banks, including the National Bank of Uzbekistan, Agrobank, Uzpromstroybank and Asakabank. In 2026 the number of state-owned banks will drop to eight. By 2030 the government plans to retain ownership of only four banks. This means that at least one bank is expected to be privatised each year. A previous version of the strategy adopted in 2023 allowed for three to four banks to remain under state control.

Another key target is to reduce the share of state-owned banks in total banking assets. This share is set to fall from 65% in 2026 to 55% by 2030. As of December 1, banks with state participation held 64.53% of total assets, equal to UZS 576.2 trillion.

The revised strategy has removed an earlier goal to attract at least four major foreign banks to the Uzbek market. Economist Otabek Bakirov expects the first privatisation in 2026 to involve a smaller lender, such as Aloqabank or Turonbank. He believes larger banks, including Uzpromstroybank or Asakabank, are unlikely to be sold before 2028.

At the same time, the European Bank for Reconstruction and Development plans to acquire a 15% stake in Asakabank in 2026 as part of privatisation preparations. According to the Ministry of Economy and Finance, the final stage of Uzpromstroybank’s privatisation is planned for 2025–2026. Asakabank, Aloqabank and Turonbank are scheduled for 2026–2027. No privatisation is planned for the National Bank of Uzbekistan, Agrobank, Mikrokreditbank, the People’s Bank of Uzbekistan or the Business Development Bank in 2026–2028.