Why is this important
The change of management at “Poytaxt Bank” marks a stabilization stage after the privatization, which was completed last year, when the bank was fully transferred to the ownership of the UAE company Bond Investments Limited.
The appointment of Pulatov, who has been working in the banking system since 2013 (including as the first deputy chairman of Octobank’s board) and has 25 years of experience, indicates the shareholder’s and regulator’s intention to strengthen management and operational efficiency.
The acting chairman is Abror Turgunov, who replaced former head Dustboy Abjalov at the end of August; he will now be the acting deputy chairman.
What else is known
- “Poytaxt Bank” was established at the beginning of 2019 with the task of financing housing construction and affordable housing projects.
- In June 2024, the bank’s state-owned stake was sold to the UAE company Bond Investments Limited for $10 million.
- An investor from the UAE passed the regulator’s verification for compliance with requirements (including international sanctions regimes).
Context
The privatization of state-owned banks in Uzbekistan is part of a broader strategy for reforming the banking sector, aimed at attracting capital, increasing competition, and improving the quality of services.
Control by the Central Bank over candidates for key positions remains an important element of regulation and ensuring financial stability.
Pulatov has significant experience, including in Octobank, one of the active private banks, which can contribute to accelerating the bank’s modernization, implementing digital services, and improving customer service.
