The financial company Rothschild will participate in the privatization of a major state asset in 2025, as reported by the press service of the State Asset Management Agency.

On January 15, the director of the agency, Akmalhon Ortikov, met with Baroness Arielle Malard de Rothschild, a member of the supervisory board of Rothschild & Co. He specifically mentioned the privatization of Coca-Cola Ichimligi Uzbekistan, in which Rothschild & Co acted as a financial advisor, calling it “still one of the first successful examples of privatization in Uzbekistan.”

Additionally, Rothschild & Co provided information on the results in the field of privatization and state property management over recent years, improvements in the regulatory framework, and future plans, including a new privatization program being developed.

“Following the meeting, the parties agreed to collaborate on the successful privatization of another major state asset in our country this year, as well as to closely exchange experiences,” the statement said.

On January 17, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov discussed social and economic reforms, the privatization of state banks, and the transformation and modernization of energy companies with Baroness Arielle Malard de Rothschild. The chairman of “Uzpromstroybank,” Aziz Akbarjonov, was also present at the meeting.

Moreover, the parties exchanged views on Rothschild & Co experience in the privatization of banks, the ongoing privatization process of “Uzpromstroybank” and, in particular, the use of successful practices and effective mechanisms in these processes.

At the end of December 2024, the president again postponed the deadlines for the privatization of shares in three state banks. The sale of “Uzpromstroybank,” “Alokabank,” and “Asakabank” is planned to be completed by the end of 2025.

Privatization of State Banks

In April 2019, the president decreed to put the share package of “Uzpromstroybank” up for initial public offering (IPO), while “Alokabank” was designated for a secondary public offering (SPO). A year later, in 2020, the head of state approved a phased plan for the sale of state shares in six banks, involving the EBRD and other international organizations in the process.

At this time, an agreement has been reached for the privatization of only one financial institution from those mentioned in the document. The Hungarian OTP Bank signed a contract to purchase 75% of “Ipoteka-bank” at the end of 2022 and completed the deal six months later. In December 2023, OTP Bank conducted a recapitalization of the new subsidiary bank and initiated negotiations with minority shareholders last summer.

The privatization program approved in 2022 anticipated the commencement of public trading with shares in “Asakabank” and “Uzpromstroybank” by the end of that year. It was also aimed at conducting an IPO for “Alokabank” and other financial institutions. However, in August 2023, the deadlines for the sale of shares were postponed.

At that time, Fitch analysts announced an expected delay in the privatization of banks due to the ongoing transformation of business models. Later, the agency noted that the prospects for asset sales could improve with the participation of the EBRD and other international organizations as minority shareholders. S&P also indicated that privatization “will require time.”

Earlier, Spot reported that the agency announced the sale of Humo three weeks after concluding a deal with Paynet.