Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan plans to sell at least three banks to foreign strategic investors by the end of 2025, according to Fitch Ratings.

The agency notes that this step is aimed at increasing the share of non-state banks from 32% (as of the end of 2023) to 60%.

According to Fitch’s Uzbekistan banking sector report, the sale dates of two large banks, Uzpromstroybank and Asakabank, were recently pushed back to end-2024 and end-2025, respectively. Analysts suggest further delays are possible.

Fitch experts note that sales prospects could improve if international financial institutions such as the EBRD or IFC become minority shareholders, which would signal to potential investors that pre-sale preparations have been completed.

The report also notes that implementation of Uzbekistan’s banking strategy and improvements in the sector may take longer due to structural problems and new risks.

For example, the share of non-performing loans in banks in Uzbekistan, according to agency estimates, has grown to more than 10% of total loans in 2023, and this figure is expected to further increase.