Why is this important
This is a crucial step after privatisation: strengthening capital is vital for compliance with new CB regulations, and a management change is the final part of restructuring under a new shareholder — the UAE’s Bond Investments Limited.
What happened
- Appointed Acting Chairman of the Board: Abror Kadirovich Turgunov, previously — Acting Deputy Chairman.
- Turgunov managed retail loans, treasury, strategy, and procurement.
- The 400 billion soum share issuance through a closed subscription will be acquired by the sole shareholder — Bond Investment Limited from the UAE.
- The bank’s authorised capital is currently 100 billion soums, and it must be increased to 500 billion soums.
- Privatization has been completed: Bond Investments Limited now owns 100% of the shares, and the bank has been renamed to Foreign.
Context
The bank has been operating since 2019 and focuses on mortgages and affordable housing. In 2024, the UzSAMA transferred the entire state share to an investor from the UAE. New capital and management are part of development commitments.
