South Korean investors announce plans to buy into Uzbek banking sector

Uzbek banksUzbek banking sector: Investors from South Korea are planning to buy 15% stakes in two Uzbek banks over the course of the next 18 months, according to reports in the  Novosti Uzbekistana news agency this week. The banks in question are Uzpromstroibank and Asaka Bank with respective estimated charter capitals of $63.6m and $58m.
South Korean investors have also agreed to buy a 47.5% stake in Alokabank for $42.7m.
The agreements were reached during a Uzbek-Korean business forum that was held in Seoul late in April and are part of plans set out by the Uzbek government to sell off stakes in ten of the country’s commercial banks, including Kishlok Kurilish Bank, Agrobank, Ipoteka Bank, and Microcreditbank