Project Description
The proposed project envisages EBRD’s subscription of newly issued ordinary shares of UzKDB. The project is aimed at strengthening UzKDB’s capital base to support the organic growth of the bank’s business and improve its institutional capacity.
Transition Impact
The project will provide UzKDB with the capital resources needed for the implementation of the bank’s medium-term strategy aimed at servicing foreign and local investors in Uzbekistan. The capital increase will also enable UzKDB to upgrade its IT systems and premises, which will provide the bank with essential institutional base to expand its operations and network. In supporting UzKDB in expanding its operations, the EBRD aims to promote further competition in the Uzbek financial sector.
The Client
UzKDB is the successor of UzDaewoo Bank, which was created in 1997 as part of the international expansion of the Daewoo Group and its financial arm, Daewoo Securities. The bank has emerged as the one of the leading private banks in Uzbekistan with an excellent local reputation. In early 2006 a new strategic investor, Korea Development Bank, acquired a 61% stake in the bank and re-branded it into UzKDB.
EBRD Finance
Up to USD 1 million.
Project Cost
USD 3.3 million.
Environmental Impact
UzKDB is familiar with the environmental requirements of the EBRD through the existing operations and will continue to implement the EBRD’s Environmental Procedures for Local Banks including compliance with the Exclusion and Referral Lists across all its operations as well as submission of Annual Environmental Report to the Bank.
Technical Cooperation
None.
Company Contact
Bakhtiyor Abdullaev
Deputy Chairman of the Board
1, Pushkin Street, Tashkent, 700000, Uzbekistan
Tel: +998 71 120-8000
Fax: +998 71 120-6970
E-mail: bakhtiyor@daewoobank.com
Business opportunities
For business opportunities or procurement, contact the client company.
For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com
General enquiries
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
Public Information Policy (PIP)
The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
