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October 29, 2016



In the years of independence, the reforms implemented in Uzbekistan have contributed to the improvement in the performance of banks, as well as their upgrading. Banks were actively involved in the support and development of the production and social spheres. 

The measures, initiated by the first President of the Republic of Uzbekistan Islam Karimov, on the formation of the modern banking system, its liberalization and development in accordance with international standards, as well as strengthening its role in the monetary policy of the country are of particular importance.

Asaka Joint Stock Commercial Bank, one of the major banks of Uzbekistan in terms of capital and assets, from the first days of its activity holds leading positions in the domestic financial services market. In an effort to cooperate with a wide range of participants of economic life of the country, the bank has set itself the main goal – to satisfy the needs of business entities regardless of their form of ownership and the scope of activities, as well as all the social strata of the population. The main focus is made on the quality of service provided in conjunction with individual and flexible approach to each customer, based on the principle “Not customer for the bank, but bank for the customer.” This turned one of the key factors in its successful activity and competitiveness, and most importantly, the high public confidence.

At present, the total assets of Asaka Bank stand at 7.79 trillion soums, the total capital – at 976.9 billion soums. Since independence, the volume of total assets has increased almost 143 times, total capital – 48 times.

A Firm Basis for the Economy

Asaka Bank, established on the initiative of the First President of the Republic of Uzbekistan Islam Karimov, during the years of independence has demonstrated itself as a strong and reliable financial and investment business partner. In the short time the bank has earned the population’s loyalty and respect, creating a firm basis for the national economy.

At first the bank served an instrument of formation and development in the country of a new powerful sector – automotive industry. After 20 years, the bank increased the number of its customers of various forms of ownership and economic management to over 1.8 million, became a universal financial and credit institution with a broad range of traditional and modern services. Today, Asaka Bank is 26 branches in all regional centers and districts of the republic, 85 mini-banks, and 272 retail banking services points.

Asaka Bank’s activity is aimed at ensuring long-term sustainable growth and economic development, improvement of investment attractiveness, liquidity and stability, improving the main indicators of the bank’s activity and bringing them up to international standards. It allowed the bank to provide quality services to domestic customers and foreign partners, focused on the production of competitive products for export and domestic market saturation.

The constructive endeavors of Asaka Bank are recognized by bоth domestic and international rating companies. Authoritative international rating agencies Moody’s and Fitch Ratings for several years running assign the bank with ‘Stable’ outlook. Famous international financial publications Euromoney, The Banker and Global Finance have repeatedly acknowledged it as the best bank in Uzbekistan.

This demonstrates the growing authority of Asaka Bank in the international arena, strengthening its leading position in the banking system of the country.

Investment in Real Sector

Many businesspeople highly estimated the support of Asaka Bank, with the help of which they enabled to implement their projects in the spheres of industry, agriculture, transport and communications, construction, personal services and others. Asaka Bank pays special attention to the support of the real sector enterprises engaged in the production of export-oriented and import-substituting products. After all, these enterprises more than others can feel the change in demand for a particular product on the world market, as well as the impact of price fluctuations. Large-scale projects aimed at technical and technological modernization of production enterprises are also supported by Asaka Bank.

The volume of credit investments of Asaka Bank on October 1, 2016 amounted to more than 4089.5 trillion soums. Long-term loans in the loan portfolio amount to 3706.4 trillion soums, including investment credits – 3148.5 trillion soums.

Within the independence years credit investments of the bank increased by 205 times.

In the first nine months of this year on the development of enterprises were allocated credits to 1714.2 trillion soums, which made it possible to create many new jobs.

In accordance with the Decree of the President of the Republic of Uzbekistan ‘On additional measures to stimulate the increase in the share of long-term loans of commercial banks for financing investment projects’ of July 28, 2009, Asaka Bank issued long-term investment loans for 1078.5 trillion soums.

In accordance with the Investment program of Uzbekistan for 2016 the total amount of loans of Asaka Bank, aimed at financing investment projects amounted to $212.4 million.

Loans were used to finance projects for the creation of high-tech modern manufacturing enterprises, information and communication systems, biotechnology and financing of projects, which provides for the application of advanced achievements of scientific and technical progress.

In order to improve the living conditions of the population of the country Asaka Bank is actively financing the construction of residential houses in the regions. For these purposes the bank allocated 434 billion soums. 74 apartment buildings are built at the expense of loans, and 2099 families are provided with decent, spacious and comfortable apartments.

This year Asaka Bank has financed leasing projects to more than 28.1 billion soums. The total leasing portfolio of the bank on October 1, 2016 amounted to 113.8 billion soums, and diversified across different sectors of the economy (industry, agriculture, utilities, transport and communications, construction, social sphere, etc).

One of the important factors for further strengthening and growth of the economy is considered the work to ensure the financial recovery and rehabilitation of bankrupt enterprises, their technical and technological modernization, with the involvement to this work of commercial banks of the country. The Decree of the President of the Republic of Uzbekistan ‘On measures to further improve the financial stability of the real economy enterprises’ of 18 November 2008 turned the main guidance in this regard. It should be noted that the measures to attract banks to activities for financial recovery and rehabilitation of bankrupt enterprises are innovative in the financial sector and banking practice.

As part of the Presidential Decree of 18 November 2008, 46 bankrupt enterprises out of those put on the books by Asaka Bank, were sold to new investors. The Bank established 14 subsidiaries on the basis of property complexes of bankrupt enterprises. 79.9 billion soums of investment were directed to the modernization and restoration of the production activities of enterprises. As a result, 4116 new jobs were created, goods for 690.6 billion soums produced, and to $ 72.2 million – exported.

Reliable Partner of Entrepreneurs

Along with investing in projects of major enterprises Asaka Bank fully supports small business, the development of which is the state priority in Uzbekistan. The staff of the bank is working under the motto ‘Asaka Bank is a solid basis for the development of entrepreneurship.’ Flexible, not capital-intensive and does not requiring a large investment, small business is primarily focused on the domestic market and is necessary to ensure the population employment. Small business also proved its high viability in the conditions of the global financial and economic crisis.

The adoption of the Presidential Decrees ‘On measures to ensure reliable protection of private property, small business and private entrepreneurship, the removal of barriers to their rapid development’ of May 15, 2015, and ‘On additional measures to ensure the rapid development of business, all-round protection of private property and qualitative improvement of the business climate’ of May 5, 2016, raised the business development to a new stage. As a result, the ranks of businessmen and businesswomen, especially young people, are expanding, as well as new jobs created.

The volume of loans allocated by Asaka Bank to support small and private businesses is growing rapidly from year to year. This year, the bank allocates loans for these purposes to 101 times more than in 2002.

For 9 months of 2016 the bank has already allocated loans to 1.2435 trillion soums on the development of businesses. When considering applications first and foremost priority is given to projects, which envisages the creation of additional jobs in the labor-surplus and remote areas of the country, the creation or expansion of production of food and non-food products, production on the basis of local resources, development of the service sector, the purchase of mini-technologies and compact equipment, as well as the purchase of raw materials, spare parts and accessories required for the improvement of material and technical base.

In order to ensure the Presidential Decrees ‘On additional measures to increase food production and saturation of the domestic market’ of 26 January 2009, as well as ‘On additional measures to stimulate the expansion of domestic production of non-food consumer products’ of January 28, 2009, the bank allocated loans to the amount of 528.7 billion soums, which was resulted with the positive outcomes in the production of domestic consumer goods and saturation of the domestic market.

The Bank gives priority to the support of development of entrepreneurship among graduates of professional colleges, as well as a family business by providing lax credits. Since the beginning of 2016, the bank has allocated loans of more than 11.8 billion soums on the development of animal husbandry, beekeeping, poultry farming and the construction of greenhouses by graduates of professional colleges, who on preferential loans started their businesses. Thanks to the financial support of the bank the young people opened their trade. Today, they provide well-being of their families and contribute to the creation of new jobs and employment.

In order to implement the Decree of the President of the Republic of Uzbekistan ‘On additional measures to support the activity of Women’s Committee of Uzbekistan’ of May 25, 2004, Asaka Bank pays great attention to lending the projects of women-entrepreneurs. For nine months of 2016, the bank allocated loans in the amount of 106.1 billion soums to businesswomen to implement their business projects. The bulk of the loans directed to the manufacturing, agriculture, trade and services, as well as other spheres. Many women have been provided with jobs, and hence, stable earnings.

This year, Asaka Bank projects to allocate loans in the amount of 1.6 trillion soums for the development of small businesses and private entrepreneurship. And thus intends to continue to work actively to increase the range and quality of services, support of small businesses and private entrepreneurship, increase the volumes of loans to the real sector of the economy, promising, cost-effective, aimed at the production of export-oriented and import-substituting products using local raw materials.

Information service of the bank


Client Responses

Irina Sinyukova, Director of AL-VAIR LLC:

“The market of printing services is one of the most powerful sectors of the world economy. In Uzbekistan, this sector is in active development, and the government has created favorable conditions for the activity of the sector enterprises.

Our company successfully operates in the market of printing services since 2002. Over these years, we have developed strong business relationships with local major companies, outlets, markets, and other organizations. Due to the constantly increasing demand for the products we sometimes experience a lack of financial resources. In order to timely ensure the production with raw materials, increase production, and fully satisfy the customer’s demand, our company has repeatedly used the loan of Asaka Bank. Thanks to the loans allocated by Asaka Bank, we were able to increase production by almost 1.5 times.

It is worth noting that the undisturbed operation of the enterprise enables to ensure the employment of people, including graduates of professional colleges.

During the years of cooperation, we have repeatedly convinced of the high quality of service and the level of qualification of the Asaka Bank staff, whose work is based on the trust and respect for the customer’s interests. We sincerely thank the staff and management of Asaka Bank and we hope for further cooperation.”

Mirfozil Tuhtamurodov, Director of YANFOODEXPORT LLC:

“In the context of modernization of the national economy the production of fruits and vegetables is one of the main areas of agriculture. Growth of volumes in the sphere of fruit and vegetable has a direct impact on the level of availability of food, the increase in income of rural households, increasing rural employment, development of processing industries, and increase of export potential.

In the years of independence Uzbekistan has adopted a series of drastic measures to provide the population with fruits and vegetables. Nevertheless, the country has great potential to increase production of fruits and vegetables and provide the domestic market and increasing exports.

Our company established in 2009 is engaged in processing and exporting agricultural products. In order to expand production and increase, in particular, the volume of dried fruit, we decided to buy modern equipment. Due to lack of funds we applied for registration of the lease to Asaka Bank.

After considering our proposal Asaka Bank in a short time decided to conclude leasing agreement with our company. Due to this, we have made further development of our production to prepare dried fruits and vegetables. With the financial assistance of Asaka Bank we have significantly improved the quality of products and increase its volume. About 100 employees are provided with a permanent job and stable salary.

I would like to express my sincere thanks to the staff and management of Asaka Bank for the support and warm interest in our business. We could hardly carry out our plans without their support. We appreciate the professionalism and high level of service and individual approach to each customer. It is a reliable and stable financial institution, providing a full range of banking services, which enjoys a good financial and business reputation.”

Nadezhda Azarova, Executive Director of PPOP Sizga Baraka:

“Well-being of the people, ensuring of higher living standards, and favorable conditions is the main tasks on the agenda. The growth of economic indicators in all sectors of industry, agriculture, transport and other sectors of the economy depends on the main performer of all reforms – the person, and the country’s future depends on the conditions in which he lives, raising children, and in what mood going to work. Every year the government takes various programs of economic development, priorities identified, but at the same time all measures are taken to ensure a comfortable life of the people.

Of late years the partnership of private property owners (PPOP) gets spread that conduct overhaul and current repair of multi-storey residential buildings, utilities and public spaces.

Administrations hold meetings on a quarterly basis, which are attended by representatives of the highest rank, the programs on improvement of living conditions accepted, complex of measures is developed on the preparation of multi-storey residential buildings and social facilities for the autumn-winter period.

Our PPOP serves eight 5-storey and two 9-storey residential buildings on Kushbegi area of Yakkasaray district in Tashkent. At the beginning of our business the housing stock was old; many questions arose, which we could not solve without sufficient financial resources. It was Asaka Bank, which allocated loan for the purchase of building materials for the repair of houses, roofs, sidewalks and landscaping of adjoining areas.
I would especially like to thank the Bank’s staff, which helped with the collection of the necessary documents for the loan, as it was a new thing for us. Now, we gradually repay the loan, the people are happy, the roofs are not flowing, and soon we plan to renew sidewalks.
There are a lot of entrepreneurs in Tashkent who are establishing their businesses with the help of loans of Asaka Bank. When serving a customer, the staff guides the principle ‘Not a customer for the bank, but bank for the customer’, promptly addressing all the issues, and provides necessary advice, thereby facilitating the work of entrepreneurs.”

Unar Yesenbaev, Director of Integral Invest LLC:

“The government has created favorable conditions for the development of small and private businesses. Commercial banks hugely contribute to the development of this sector. Among them I wish to note the contribution of Asaka Bank, which is one of the leading and most successful banks in the country.
In order to increase the production and ensure industrial enterprises with necessary and important products – glycerol and hydrogenated fat, purchasing raw materials and goods we received a bank loan. Provision of production with necessary raw materials allowed to launch modern technological line at full capacity and provide employment to 90 people.
Asaka Bank carries out a flexible policy, builds and introduces comfortable lending, focused on the needs of customers. The bank’s work system has allowed us to quickly receive loans and use other financial instruments.”