Sergiu Cioclea Elected Chairman of the Supervisory Board of JSCB Uzbek Industrial and Construction Bank

Sergiu Cioclea, who was elected as an independent member of the Supervisory Board of Uzbek Industrial and Construction Bank (SQB) by the Bank’s shareholders on 5 October 2026, was elected Chairman of the Supervisory Board by its decision on 15 October. The appointment of the Board Chairman is subject to approval by the Central Bank of the Republic of Uzbekistan.

Sergiu Cioclea has more than 25 years of experience in bank management, financial regulation, investment banking and international capital markets.

From 2016 to 2018, he served as Governor of the National Bank of Moldova, where he led measures to strengthen the stability of the country’s banking system, reinforce financial supervision and increase the transparency of banks’ operations.

In particular, during his tenure, the National Bank of Moldova introduced a two-tier governance structure with a majority of independent members. He also oversaw transactions related to attracting foreign strategic investors to the country’s largest commercial banks.

During this period, Sergiu Cioclea also worked closely with international financial institutions, serving as Moldova’s Governor at the International Monetary Fund and Alternate Governor at the European Bank for Reconstruction and Development.

Prior to that, he spent nearly twenty years at the French banking group BNP Paribas, holding senior positions in corporate finance and investment banking.

Over the course of his career in international financial markets, he has advised on nearly 70 merger, acquisition and privatisation transactions and projects with a total value of more than USD 30 billion.

Sergiu Cioclea’s expertise in corporate governance, international investment transactions and privatisation will be of great importance for SQB’s future development, in particular in preparing the Bank for privatisation.

In recent years, SQB has carried out extensive work together with international financial institutions to improve its core areas of activity. With the participation of the International Finance Corporation, the European Bank for Reconstruction and Development and other international partners, advanced international practices have been introduced in more than 20 areas, including corporate governance, risk management, treasury, business lines and digital technologies.

As a result, the Bank has achieved significant changes in its corporate governance system. In particular, 8 of the 11 members of the renewed Supervisory Board are independent directors, bringing their share to approximately 73 percent.

Another milestone in corporate governance is the independent international assessment conducted by PwC, which rated the Bank’s corporate governance system at 91 percent. These results provide an important foundation for increasing the transparency of the Bank’s operations, aligning its governance system with international standards and preparing for privatisation. The privatisation of the Bank may be carried out through an initial public offering (IPO) of shares or by attracting a strategic investor.

SQB’s shareholder structure and its links with international capital markets also play an important role in enhancing its investment potential. 40 percent of the Bank’s shares are held by the Uzbekistan National Investment Fund (UzNIF), managed by Franklin Templeton. In May 2026, UzNIF listed its securities on the London Stock Exchange.

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