Sovcombank to buy Uzbek state bank

Sovcombank to buy Uzbek state bank

Major Russian private Sovcombank intends to acquire Uzagroexportbank. Thus, 100% of the unprofitable enterprise will be sold by Uzbekistan.

"At the moment, the parties are negotiating on the terms of the deal. Several million dollars are on stake,” the first deputy chairman of the board of Sovcombank, Sergei Khotimskiy, said at the 2nd International Financial and Banking Forum of the CIS member states.

Sovcombank has long been an investor in the largest corporations and banks in Uzbekistan, the license will help better control credit risk, Khotimskiy explained.

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