International Capital as a Driver of National Development: SQB’s Experience and Achievements

On June 12, Uzpromstroybank (SQB) hosted a press conference at its Head Office titled “SQB’s Experience in Attracting International Capital and Promoting National Economic Development.”

Attracting foreign investment, expanding cooperation with international financial institutions, and developing capital markets are among the key priorities of Uzbekistan’s economic policy. During his review of preparations for the upcoming Tashkent International Investment Forum on June 9, the President of Uzbekistan emphasized that foreign investment is an important driver of economic modernization. Through international financial cooperation and investment projects, SQB is actively contributing to the achievement of these national objectives.

During the press conference, the Bank’s management presented the results achieved in recent years, outlined prospects for cooperation with international financial institutions, and shared the Bank’s strategic priorities for the current year.

As highlighted during the event, the transformation processes implemented at SQB have strengthened its position in international financial markets, enhanced its investment attractiveness, and reinforced its financial stability. These developments are reflected in the Bank’s key financial indicators.

In 2025, SQB’s assets reached UZS 102 trillion, while its capital amounted to UZS 12 trillion. The Bank’s deposit base totaled UZS 31.5 trillion, including UZS 10.5 trillion in retail deposits. Net profit reached UZS 1.9 trillion, making SQB one of the leading commercial banks in the country by this indicator. During the year, loans totaling UZS 26.7 trillion were extended to various sectors of the economy and entrepreneurship, contributing to the creation of more than 120,000 jobs.

Practical Results of International Cooperation

During 2025, SQB attracted a total of USD 932.3 million in funding from international financial institutions and foreign banks. The majority of these resources originated from Europe, Arab countries, the United States, the Middle East, and the United Kingdom. Cooperation was established with five new financial institutions, through which USD 160 million was mobilized and directed into the economy.

“SQB has built a diversified funding portfolio encompassing leading international financial institutions, export credit agencies, and capital market instruments,” said Abdurashid Khakimov, Deputy Chairman of the Management Board of Uzpromstroybank. “This approach enables us to create a stable and long-term funding base. Through these resources, nearly 1,400 projects were financed across the corporate, medium-sized business, small business, and microbusiness segments. The funds are being directed toward high value-added industries, export-oriented manufacturing, energy efficiency and renewable energy projects, infrastructure development, and the services sector.”

Among the major projects financed are the nationwide deployment of 5G Stand Alone telecommunications infrastructure by Rubicon Wireless Communication and the procurement of 200 high-capacity electric buses along with charging equipment for Toshshahartransxizmat JSC. These projects are contributing to the modernization of Uzbekistan’s digital and transport infrastructure.

Success on the London Stock Exchange

In July 2024, SQB successfully placed Eurobonds equivalent to USD 580 million on the London Stock Exchange. The securities were purchased by 69 major international funds and investment companies, with 55 percent of demand coming from U.S. investors.

In October 2025, the Bank issued USD 300 million in Additional Tier 1 (AT1) capital instruments on the London Stock Exchange. Investor demand exceeded the offering size by more than four times. The transaction was recognized by GlobalCapital magazine with the prestigious “Central and Eastern Europe Deal of the Year” award.

SQB’s performance in international financial markets and its financial results have also received positive recognition from international rating agencies. Fitch Ratings upgraded the Bank’s rating from BB- to BB (Stable), while Moody’s Ratings affirmed its Ba3 rating with a Positive Outlook.

2026: Plans and Outlook

As announced during the press conference, SQB plans to attract more than USD 1.2 billion in foreign funding in 2026. As of June 1, agreements had already been reached on credit lines totaling USD 313 million. These resources have supported the financing of more than 530 projects.

In May this year, shares of the National Investment Fund were offered to the public through an IPO on the London Stock Exchange and the Tashkent Republican Stock Exchange. The inclusion of SQB’s 40 percent stake in the Fund’s asset portfolio was highlighted as an important step toward the Bank’s privatization and the enhancement of its investment attractiveness.

The conference emphasized that SQB will continue expanding its presence in international capital markets, strengthening cooperation with investors, diversifying its funding sources, and supporting the financing of priority sectors of Uzbekistan’s economy.

Uzpromstroybank JSCB (SQB)

External Relations Coordination Service

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