Asaka Bank
Uzbekistani commercial bank for corporate and retail clients.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $35.0m | Debt | |
| Total Funding | 000k | ||
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Asaka Bank is a state joint-stock commercial bank in Uzbekistan, established in November 1995 to support the development of the nation's automotive industry and facilitate vehicle purchases for citizens. It began operations in February 1996 and was granted the status of a universal commercial bank in 2001. Headquartered in Tashkent, the bank has an extensive regional network, including 22 branches and numerous mini-banks and service centers across all regions of the Republic.
The bank serves a diverse client base of over 45,100 corporate entities and more than 2.2 million individuals. Its corporate clients represent various sectors of the economy, including automotive, mining, energy, construction, textile production, and transportation. For these clients, Asaka Bank provides services such as short and long-term loans for working capital and asset acquisition, as well as pre-export financing. For individual customers, the bank offers a range of retail services including loans, deposits, and money transfers. It also provides mobile banking applications, "Asakabank" for individuals and "Asaka Business" for corporate clients, which allow for remote account management, electronic payments, and fund transfers.
Originally established to finance the automotive sector, particularly the "UzDEUavto" joint venture, the bank's role has expanded significantly. It actively supports small and medium-sized enterprises (SMEs) by providing term financing and credit lines to foster entrepreneurship and business growth. The bank is majority-owned by the state, with the Fund for Reconstruction and Development of the Republic of Uzbekistan and the Ministry of Finance being its primary shareholders. As part of a broader banking system reform in Uzbekistan, Asakabank is undergoing a transformation process aimed at commercializing its business model and eventual privatization, with an agreement signed with the European Bank for Reconstruction and Development (EBRD) to facilitate this transition.
Keywords: commercial banking, corporate banking, retail banking, Uzbekistan, SME financing, project finance, automotive industry finance, trade finance, privatization, financial services
