Uzpromstroybank to commission privatisation consultant

By Muzaffar Ismailov in Tashkent May 6, 2023

Uzpromstroybank (UzPSB) has opened a tender to acquire advisory services on the privatisation sale of a controlling stake in the bank, according to the website of the commodities exchange.

The terms of reference note that the competition will be run according to the “Strategy of reforming the banking sector to 2025.” A decree on accelerating privatisation, issued in March 2022, is also mentioned.

The bank confirmed it expected to sell a controlling stake to private investors — at least 50% plus one share. The deal is expected to take place before the end of this year.

The consultant is to provide recommendations on the privatisation process, market conditions and possible reorganisation of corporate governance.

Only international consulting firms and investment banks can participate in the tender.

UzPSB estimated the initial cost of the services at $2mn.

The bank features on the list of 40 state-owned companies with shares that will be put up for sale in a "People's IPO". The state intends to offer up to 2% of the bank's shares to a wide range of investors through E-auksion.

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