Tashkent, Uzbekistan (UzDaily.com) — Fitch Ratings has welcomed the transfer of shares in the Business Development Bank, Microcreditbank, and People’s Bank to the National Investment Fund (NIF) of Uzbekistan, managed by Franklin Templeton. This statement was made on 16 April by the agency’s Director for the Banking Sector, Pavel Kaptel, during a Fitch conference in Tashkent, as reported by Spot.

"We view this as an important step that should significantly improve the operational efficiency of the banks and enhance corporate risk management. This, in turn, will have a positive impact on the quality of assets and profitability of the banks in the medium term," noted Kaptel.

The National Investment Fund was established by a presidential decree from Shavkat Mirziyoyev in August 2024. Its key objectives are to increase the market value of managed assets, reform them, and attract international institutional investors.

The fund’s charter capital includes shares from 18 large state-owned enterprises, including:

25% — Business Development Bank;

40% — Microcreditbank;

30% — People’s Bank;

25% — Uzbekistan Airports;

25% — Uzbekistan Airways;

25% — Navoi Azot;

40% — National Electric Networks and Regional Electric Networks;

25% — Temiryulinfratuzilma and Thermal Power Plants;

25% — Toshshakhttranskhizmat;

20–40% — several other large companies, including Uzbektelecom, Uzbekhydroenergo, Uzpost, and others.

In February 2025, it was announced that the Singapore-based subsidiary of Franklin Templeton Asset Management was selected as the professional manager of the fund.

As of the end of 2024, Business Development Bank and Microcreditbank were the most unprofitable banks, with losses amounting to 2.2 trillion and 1.7 trillion soums, respectively. The main cause was non-performing loans issued to legal entities, which forced the banks to form large reserves.

Previously, Fitch had forecasted a potential delay in the privatization of 1–2 large state banks, including Alokabank, Asakabank, and Uzpromstroybank, until the end of 2025.