The State Assets Management Agency (SAMA) announced that it had reached an agreement with UAE’s Bond Investments on the sale of 100% stake in Poytakht Bank with the term of a one-time repurchase in worth of $10 million.

Previously, SAMA, based on the results of an open competition, signed an agreement with the Russian Expobank. “However, by mutual agreement of the parties, this agreement was later terminated taking into account the impossibility of Expobank to fulfill the agreement due to the situation in international relations,” the agency said in a statement.

Note that in December 2023, the US Department of the Treasury imposed sanctions against Expobank.

Thus, SAMA and the hired Deloitte continued to accept proposals from other investors. The offer received from Bond Investments, according to the agency, exceeded the offers of other contenders, as well as the estimated value previously calculated by an independent appraiser, the international company KPMG.

Deloitte coordinated the privatization process and prepared a draft purchase agreement. While, the consultant revealed that Bond Investments and none of its associated entities are included in the open sanctions list of the European Union, the United States and major international financial institutions.

“Investor is one of the fastest growing investment companies in the United Arab Emirates, operating under the holding company Das Holding. The group includes companies operating in a wide range of business sectors in the Middle East and around the world. Importantly, the group has experience in setting up and running successful banks in the UAE, including an Islamic bank and a digital bank. It will strive to use this experience in the banking sector of Uzbekistan,” the SAMA said.

The investor has already prepared a comprehensive infrastructure development plan for Poytakht Bank “with the introduction of the most modern mobile and digital financial technologies,” the agency noted.

Meanwhile, SAMA emphasized that the investor must obtain initial permission from the Central Bank of Uzbekistan to purchase shares of Poytakht Bank in order to fully complete the transaction on legal grounds.

Poytakht Bank began operating at the end of 2018. Its main objectives were mortgage lending and banking services to the population and legal entities in terms of meeting their housing needs, as well as providing loans to contractors building affordable apartment buildings. The bank was put up for sale in May 2021.