Tashkent, Uzbekistan (UzDaily.com) —  Bond Investments Limited, a company from the United Arab Emirates, has become the owner of "Poytakht Bank."

According to data from the Unified State Register of Enterprises and Organizations (EGRPO), Bond Investments Limited is the 100% shareholder of the Uzbek bank.

The Central Bank of Uzbekistan has also changed the status of "Poytakht Bank," reclassifying it as a private financial institution.

At the end of June, the Agency for Management of State Assets of Uzbekistan announced that an agreement had been reached with Bond Investments Limited for the sale of 100% of the bank’s shares for a one-time buyout of $10 million.

The Agency emphasized that this investor is one of the fastest-growing investment companies in the UAE and is part of the Das Holding group. The group includes enterprises operating in various sectors in the Middle East and worldwide. It is important to note that the group has experience in creating and managing successful banks in the UAE, including Islamic and digital banks, and intends to leverage this expertise in Uzbekistan’s banking sector, as stated by representatives of the agency.

The agency also indicated that the investor must obtain initial approval from the Central Bank for the acquisition of shares in "Poytakht Bank" to fully finalize the transaction legally.

On 25 July, the Chairman of the Central Bank of Uzbekistan, Mamarizo Nurmuratov, announced the intention to approve the deal for the sale of "Poytakht Bank." After thorough analysis, the regulator concluded that the potential investor meets the established requirements.

The joint-stock commercial mortgage savings "Poytakht Bank" began its operations in late 2018. Its primary tasks were mortgage lending and banking services for individuals and legal entities to meet housing needs, as well as providing loans to contracting organizations engaged in the construction of affordable apartment buildings. The bank was put up for sale in May 2021.

It is noteworthy that this is the fourth privatization deal of a state bank in Uzbekistan, following "Ipoteka Bank," "Uzagroexportbank," and Asia Alliance Bank.