Bank of China expresses interest in path to Uzbek market entry

By Muzaffar Ismailov in Tashkent September 12, 2023

The Bank of China has expressed an interest in studying legislation related to foreign lenders entering the Uzbekistan banking market.

Head of the Uzbek central bank Mamarizo Nurmuratov on September 11 met with a delegation of the board of the Bank of China to discuss the potential of Uzbekistan’s banking sector. The interest in the legislation relevant to banking market entries was outlined at that meeting by the Chinese side.

During the meeting, the parties also exchanged views on "further deepening cooperation on the development of the country's financial market", according to the central bank.

In September last year, a delegation of the Korean Kyongnam Bank held negotiations with the Uzbek regulator on establishing a subsidiary in Uzbekistan. A few months later, the Uzbek government agreed to the bank opening a branch in the country.

In March of this year, Standard Chartered Bank expressed an interest in entering the Uzbek market. Representatives of the British investment bank discussed with Uzbek officials the allocation of funds towards the implementation of projects in metallurgy, infrastructure and other areas, as well as export financing.

Founded in 1912, the Bank of China reports assets amounting to $3.96 trillion.

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