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Das Holding subsidiary Bond Investments is set to acquire 100% of Uzbekistan-based Poytakht Bank from Uzbekistan’s State Assets Management Agency (UzSAMA) for USD 10 mn, subject to approval from the Central Bank of Uzbekistan, according to a statement.
Bond Investments’ bid stood out: The investment firm’s offer “exceeds both the purchase price offer received from other bidders and the appraised value previously calculated by an independent appraiser,” the statement says. UzSAMA had terminated a previous agreement with Russia’s Expobank for the transaction over geopolitical constraints.
What’s next? Bond Investments Limited — known for establishing successful banks, including Islamic and digital banks — plans to modernize Poytakht Bank with advanced mobile and digital financial technologies. The investment firm has drafted a comprehensive development plan to upgrade the bank’s infrastructure.
The sale comes as a “new Uzbekistan” looks to privatize some 620 state-owned enterprises and attract foreign investment under Uzbekistan’s President Shavkat Mirziyoyev’s reform agenda. The national plan — which was launched in 2020 — aims to transition Uzbekistan to a market-driven economy. It has so far privatized Ipoteka Bank in 2022 and the Coca-Cola bottling plant by the Turkish CCI Group in 2021.
Advisors: Deloitte oversaw the tender and led the evaluation process for UzSAMA, while KPMG was the bank’s independent appraiser.
