Banking and Finance
Below is an overview of the Banking sector of Uzbekistan:
There is a two-tier banking system in Uzbekistan with a Central Bank of the Republic of Uzbekistan (the Central Bank) as a market regulator on the first level and 28 commercial banks that are currently operating in Uzbekistan, including 3 state-owned banks, 11 joint-stock banks, 9 private banks and 5 banks with foreign capital (see the table below).
As of January 1, 2007 total banks’ assets amount to USD 5,807,000,000. 80% share of such total assets is formed by the assets of 5 Uzbekistan’s largest banks, which are the National Bank for Foreign Economic Activity, Asaka Bank, Uzpromstroybank, Pahtabank and Ipotekabank.
The present economic system implies many types of commercial banks which differ from each other by forms and activities. All banks are formed as closed joint stock companies or open joint stock companies (mostly open). To be qualified a private bank, at least 50% of its share capital must be held by individuals. To be qualified a bank with foreign capital, foreign capital must constitute, at least, 30% of total share capital of such bank.
Banking and Finance practice provides an overview of Banking and Finance sector of Uzbekistan, including applicable regulations, licensing procedures, templates of documents and agreements (Project Finance, Loan Agreements, Pledge, Securities, Mortgages, Collaterals, Derivatives, etc.), advises on repatriation and remittance of financial resources from Uzbekistan, equity investments, cash handling issues, foreign exchange control, requirements on foreign bank accounts, overview of role of Central Bank of Uzbekistan and commercial banks, etc.