Citibank has officially established a presence in Uzbekistan with the opening of a representative office in Tashkent, according to a statement from the Central Bank of Uzbekistan (CBU).

The CBU announced that it accredited the representative office of Citibank AS—Citigroup’s Turkish subsidiary—on July 10. 

The licence is valid for three years, through to July 9, 2028. 

Abbos Jurabaev has been appointed head of the office.

“The representative office was created with the aim of studying the country’s financial market and expanding cooperation with government agencies and financial organisations,” the CBU stated.

The move follows a string of engagements between Citigroup and the Uzbek government. 

In September 2023, President Shavkat Mirziyoyev held talks with Citigroup CEO John Dugan, focusing on collaboration in banking and financial sector development. 

The discussions included plans to introduce new instruments on Uzbekistan’s stock market to improve liquidity.

The president expressed support for Citigroup’s intentions to open a representative office in the country.

In June, Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade, met with a Citigroup delegation led by chief client officer David Livingstone. 

Talks centred on advancing cooperation in attracting foreign investment, supporting exports and facilitating public-private partnership (PPP) projects.

Uzbekistan has seen a measured increase in foreign bank representation in recent years, as international players position themselves in a market undergoing liberalisation. 

As per the CBU’s registry, eight foreign banks currently operate representative offices in the country, namely South Korea’s Korea Eximbank and Shinhan Bank; Germany’s Landesbank Baden-Wurttemberg and Commerzbank AG; JP Morgan Chase from the US; Russia’s Gazprombank; China’s Eximbank; and Citibank AS.

Citibank AS is the Turkish arm of Citigroup, the US-based banking giant that offers retail, corporate and investment banking services, as well as asset management, in over 180 countries.