Swiss company becomes shareholder of Uzbekistan's Hamkorbank

13 November 2018 13:15 (UTC+04:00)

By  Trend

The Swiss company, which is managed by responsAbility Investments and specializes in investment for development, has become a shareholder of the Uzbek joint-stock commercial bank Hamkorbank, the press service of the Uzbek bank said.

The Swiss company acquired a 7.66-percent stake in the bank from the International Finance Corporation (IFC), which was half of the shares owned by IFC before the transaction.

In 2001, IFC became the first international investor in Hamkorbank and has been the first foreign shareholder of the bank since 2010.

According to the information, IFC intends to continue to remain an active shareholder of Hamkorbank and to support the development of the bank.

In line with the long-term cooperation, IFC provided Hamkorbank with over $60 million in debt financing, capital investment, trade finance lines and risk hedging tools. IFC also helped the bank improve risk management, build capacity to finance agribusiness, implement best practices in corporate governance, small and medium business financing, and branch network management.

In terms of assets (5.65 trillion soums, or $700 million, as of May 1, 2018), Hamkorbank is in eighth place and is the largest private bank in Uzbekistan. The bank serves a wide range of clients from individuals and private entrepreneurs to large corporations. Hamkorbank’s deposits account for about 5 percent of all deposits of the banking system, loans – for about 2.8 percent of all loans in the country's banking sector.

The retail sector of Uzbekistan, as well as microcredits and credits for small and medium-sized businesses, has been the traditional sphere of Hamkorbank’s activity since its establishment in 1991. The bank has 40 branches and 158 mini-offices.

---

Follow us on Twitter @AzerNewsAz