Tashkent, Uzbekistan (UzDaily.com) -- The State Assets Management Agency informs about achievement of agreement (Transaction) with PJSC “Sovcombank” (Russian Federation) on sale of 100% state block of shares of JSCB “Uzagroexportbank” for US$4.0 million.

In accordance with the Decree of the President of the Republic of Uzbekistan "On the strategy of the banking system reform of the Republic of Uzbekistan for the years 2020-2025", proceeding from the world practice, the results of the activity analysis of the JSCB "Uzagroexportbank" (due diligence), and following recommendations of the consultant on privatization, the process of selling 100% of state block of shares was realized on the competitive basis by means of public tender. 

For the sale process as a privatization consultant was attracted an international company "Grant Thornton", the assessment was conducted by the international company "KPMG".

Interest in purchasing the state block of shares of JSCB "Uzagroexportbank" was expressed by 4 bidders, from which applications were received.

Each bidder was given an opportunity of access of the Virtual Data Room (VDR) to study financial, legal, organisational and tax information related to the bank, carry out analysis of the activity (due diligence), receive answers from the consultant on privatisation, the bank management and were given a possibility to visit the bank.

It was taken into account that among the received proposals, “Sovcombank” meets the requirements as a contender directly engaged in banking activities, able to bring not only foreign investment in the country, but also the experience of a foreign bank, modern financial products and services.

Taking into account the compliance of “Sovcombank's” proposal with the legal and regulatory requirements governing banking activities and the recommendations of the privatization consultant, as well as taking into account the price parameters of the proposal and “Sovcombank's” intention to develop JSCB “Uzagroexportbank”, “Sovcombank” was chosen as the winner of the public tender, in connection with which legally binding documents on the Transaction were signed between it and the State Assets Management Agency.

PAO “Sovcombank” is a universal bank, one of the ten largest banks of the Russian Federation. As of 30 September 2021, the bank's assets consists of RUR 1.9 trillion with equity of RUR 224 bln. The Bank has 23,000 employees working in over 2,300 offices in 1,000 locations across the Russian Federation. The Bank serves 12 million customers. The bank's international credit ratings are as follows: S&P - "BB", forecast "positive", Moody's - "Ba1", forecast "stable", Fitch - "BB+".

JSCB “Uzagroexportbank” was established in 2017 to create favorable conditions for producers of agro-industrial products and financial support of exporting organizations. The head office of the bank is located in Tashkent. At the end of 2021, the assets of JSCB "Uzagroexportbank" exceeded 69 billion soums.

At the same time, we inform that in line with international practice, in the interests of the participating bidders we don't disclose the names and content of their proposals.