National Bank of Uzbekistan to be reformed

National Bank of Uzbekistan to be reformed

The National Bank for Foreign Economic Activity (NBU FEA) will be reformed, pursuant to a presidential decree.

The Bank will be transformed from a State Unitary Enterprise (SUE) into a joint stock company (JSC). Due to this, in the future it will be possible to attract investors in the development of the Bank, as the State Unitary Enterprises do not have the right to issue shares.

The Ministry of Finance and the Fund for Reconstruction and Development will be the founders of the NBU by the government.

All rights, obligations and agreements of SUE will be transferred to JSC.

The main objectives of NBU JSC are defined:

– providing investment banking services to corporate clients, including the issuance and placement of securities in the domestic and foreign markets;

– lending to large investment projects;

– diversification of funding sources, etc.        

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