SQB: Results in Strategic Development and Corporate Governance

As of 5 October this year, Odilbek Isakov has completed his term as Chairman of the Supervisory Board of JSCB Uzbek Industrial and Construction Bank (SQB). He had been working in the banking system since 2024.

Over this period, SQB achieved significant results in strategic development, improving corporate governance, strengthening financial stability and expanding its presence in international capital markets. These changes are the result of close cooperation, consistent work and joint efforts of the Supervisory Board, the Management Board and the team towards common goals.

Corporate governance as the foundation of sustainable development

In recent years, the Bank has paid particular attention to improving its corporate governance system based on international standards and best practices. Cooperation between the Supervisory Board and the Management Board has been strengthened, and mechanisms for strategic decision-making, monitoring implementation and effective risk management have been developed.

In particular, the principles of independent corporate and operational governance have been reinforced. Through the work of specialised committees under the Supervisory Board, approaches aimed at comprehensive review of key decisions and objective oversight have been strengthened.

To enhance the Bank’s management capacity, foreign professionals with international experience have been appointed to key positions such as Chief Risk Officer (CRO), Chief Financial Officer (CFO) and Chief AI Officer.

The work carried out has also been highly rated by international experts. According to an independent assessment conducted by PwC, SQB’s corporate governance system was rated at 91 percent.

Financial results and international cooperation

The changes in the governance system have also been reflected in the Bank’s financial performance.

In 2023–2025, the Bank’s assets grew from UZS 73.3 trillion to UZS 97.2 trillion, and its net profit increased from UZS 856 billion to UZS 1.5 trillion. Return on equity (ROE) rose from 10.7 percent to 15.7 percent, the highest among state-owned banks.

SQB’s presence in international capital markets has also expanded significantly. In 2024, the Bank successfully placed international bonds equivalent to USD 580 million on the London Stock Exchange, and in 2025, AT1 capital instruments worth USD 300 million.

In addition, more than USD 900 million has been raised through cooperation with international financial institutions. These funds have been channelled into financing priority sectors of the economy, small and medium-sized businesses, export activities and sustainable development projects.

International recognition as the result of teamwork

The positive changes in the Bank’s performance have also been recognised by leading international financial publications.

In particular, Euromoney named SQB the Best Bank in Uzbekistan, as well as the best bank for corporate banking, ESG and real estate.

Asian Banking & Finance recognised the Bank in the “Domestic Retail Bank of the Year” and “SME Lending Product of the Year” categories.

SQB continues its work guided by a long-term strategy, collective responsibility and international experience. The results achieved will serve as an important foundation for further strengthening the Bank’s financial capacity, improving service quality and expanding international cooperation.

JSCB Uzbek Industrial and Construction Bank expresses its gratitude to Odilbek Isakov for his contribution to the institution’s systematic development and the improvement of corporate governance during his tenure as Chairman of the Supervisory Board, and wishes him every success in his future endeavours.

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