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28 December 2022

Information on privatization of 100% state block of shares in the authorized capital of JSCB "Uzagroexportbank"

Within the framework of the Presidential Resolution No. UP-5992 of May 12, 2020 "On the banking system reform strategy of the Republic of Uzbekistan for 2020 - 2025" it is planned to privatize 100% of state block of shares in the authorized capital of the JSCB "Uzagroexportbank".

The foreign company in the form of LLC "Support Level" made a proposal to purchase 100% of state block of shares in the authorized capital of JSCB "Uzagroexportbank" for the amount of 5,0 million USD with the condition of one-time payment of redemption value, increasing the authorized capital of the bank for the amount not less than 29,0 billion UZS, and also making investments of not less than 50 million USD for development of bank infrastructure, introduction of technologies and bank products.

From the side of the international consulting company "Grant Thornton", earlier attracted to the process of privatization of 100% state block of shares in the authorized capital of JSCB "Uzagroexportbank", noted that in connection with the suspension from December 2019 "credit operations" of Uzagroexportbank, as of December 1, 2022 the bank's loan portfolio is defined at 6,1 billion UZS, while problem loans constitute a significant part, and the bank's current losses amounted to 31 billion UZS, resulting in the bank's net assets decreased to 50 billion UZS.

In addition, JSCB "Uzagroexportbank" was warned by the Central Bank of the Republic of Uzbekistan on non-compliance with economic standards on banking supervision, not forming sufficient reserves for possible losses on assets, not fully complying with established procedures for issuing credit documents, as well as failure to meet requirements for the authorized capital (authorized capital is formed by 29 billion UZS, less than the requirements) of commercial banks in accordance with the current legislation.

In this connection, the international consulting company "Grant Thornton" recommended to accept the proposal of "Support Level" LLC, providing not only the preservation of the bank, but also its development, and given the fact that this proposal is the most attractive in price and other terms in relation to the previous proposals.

Proposal of the foreign company in the form of LLC "Support Level" on purchase of 100% state block of shares in the authorized capital of the JSCB "Uzagroexportbank" at the amount of 5,0 million USD with the condition of one-time payment of the redemption value, increasing the authorized capital of the bank at the amount not less than 29,0 billion UZS, and also making investment of not less than 50 million USD for the development of banking infrastructure, introducing technologies and banking products was considered by the Government of the Republic of Uzbekistan and the State Commission for conducting tenders in the sale of state property and approved by the relevant decisions and resolutions.

Taking into account the above-mentioned facts, the State Assets Management Agency and a foreign company in the form of LLC "Support Level" negotiated and signed an Sale and Purchase Agreement for 100% state block of shares in the authorized capital of JSCB "Uzagroexportbank" (Deal). Shares of JSCB "Uzagroexportbank" were taken out of the quotation list of the stock exchange and realized in the over-the-counter procedure.

Conclusion of this Deal will allow expanding the sphere of services provided by the bank and will contribute to development of competitive environment in the banking sector by means of introduction of advanced international experience and involvement of information technologies into the bank's activity.

For information: on official web-site of State Assets Management Agency there were published announcements about passed privatization processes of 100% state block of shares in authorized capital of JSCB "Uzagroexportbank".

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