{"id":8743,"date":"2023-01-05T17:27:17","date_gmt":"2023-01-05T12:27:17","guid":{"rendered":"http:\/\/invest-in-uzbekistan.org\/?p=8743"},"modified":"2023-01-05T17:27:17","modified_gmt":"2023-01-05T12:27:17","slug":"uzagroeksportbank-prodan-za-5-mln","status":"publish","type":"post","link":"https:\/\/invest-in-uzbekistan.org\/en\/novosti-uzbekistana\/uzagroeksportbank-prodan-za-5-mln\/","title":{"rendered":"&#8221;Uzagroexportbank&#8221; is sold for $5 million"},"content":{"rendered":"<p><span style=\"font-size: 14pt;\"><strong>The State Assets Management Agency has reached an agreement on the privatization of &#8220;Uzagroexportbank&#8221;, <a href=\"https:\/\/www.spot.uz\/ru\/2023\/01\/04\/uzagroexportbank-sold\/\">reports Spot<\/a> with reference to the Agency.<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The new owner of 100% of the shares will be a foreign company <strong>Support Level<\/strong>. According to the report, the deal will cost <strong>$5 million<\/strong>, slightly higher than the bank&#8217;s estimated net assets according to Grant Thornton (50 billion soums).<\/span><\/p>\n<blockquote>\n<p><span style=\"font-size: 14pt;\">The buyer also undertakes to replenish the authorized capital of the bank for the missing <strong>29 billion soums<\/strong>. In addition, he will have to invest <strong>$50 million<\/strong> in the infrastructure and technologies of the financial institution.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-size: 14pt;\">According to the appraiser, after the suspension of lending operations in December 2019, the portfolio of &#8220;Uzagroexportbank&#8221; decreased to 6.1 billion soums, and most of it falls on problem loans. The bank&#8217;s losses currently amount to 31 billion soums.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">According to USREO, Support Level was established in 2015. The sole founder of the company is Olimjon Kasymovich Shadiev, <a href=\"https:\/\/www.ngmk.uz\/ru\/home\/pressa\/589-nablyudatelnyi-sovet.html\">who is also<\/a> the Deputy Chairman of the NMMC Supervisory Board and an affiliate of the <a href=\"https:\/\/opi.dfo.kz\/p\/ru\/DfoObjects\/objects\/teaser-view\/25708?ReportNodeId=2147483637&amp;PluginId=6c2aa36248f44fd7ae888cb43817d49f&amp;ReportId=60450810\">&#8220;Continent&#8221;<\/a> Investment Group.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">&#8220;Uzagroexportbank&#8221; was established in 2017 and was 100% owned by the Tashkent Khokimiyat. Among its main tasks are financial support for exporters, ensuring the development of the export potential of fruits and vegetables.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The intention to sell the state-owned stake in its entirety <a href=\"https:\/\/www.spot.uz\/ru\/2021\/05\/21\/uzagro\/\">became known<\/a> in May 2021, and in July the first stage of the qualifying selection of applicants <a href=\"https:\/\/www.spot.uz\/ru\/2021\/07\/08\/banks\/\">was completed<\/a>. Information about its possible purchase by &#8220;Sovcombank&#8221; <a href=\"https:\/\/www.spot.uz\/ru\/2021\/11\/26\/sovkombank\/\">appeared<\/a> in November.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The State Assets Management Agency and &#8220;Sovcombank&#8221; agreed to sell Uzagroexportbank for $4 million at the beginning of the year. The official announcement of the deal <a href=\"https:\/\/www.spot.uz\/ru\/2022\/02\/23\/uzagroexportbank\/\">was published<\/a> on February 23, the day before the start of large-scale hostilities in Ukraine.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The very next day, seven Russian credit institutions, including &#8220;Sovcombank&#8221;, <a href=\"https:\/\/www.spot.uz\/ru\/2022\/02\/25\/russia-new-sanctions\/\">fell under sanctions<\/a>. In June, the deputy head of the bank, Sergei Khotimsky, <a href=\"https:\/\/www.spot.uz\/ru\/2022\/06\/17\/sovcombank-out\/\">announced<\/a> the cancellation of the purchase of an Uzbek bank.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>The State Assets Management Agency has reached an agreement on the privatization of &#8220;Uzagroexportbank&#8221;, reports Spot with reference to the Agency. The new owner of 100% of the shares will&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-8743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-novosti-uzbekistana"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/8743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/comments?post=8743"}],"version-history":[{"count":1,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/8743\/revisions"}],"predecessor-version":[{"id":8745,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/8743\/revisions\/8745"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/media\/8744"}],"wp:attachment":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/media?parent=8743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/categories?post=8743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/tags?post=8743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}