Best Bank: Asaka Bank
Asaka is recognized this year for its forward-thinking approach to banking as it works within the difficult closed economy that persists in Uzbekistan. The bank has established itself as the second largest by assets in the small Uzbek banking sector, and it recognizes the need to continue strengthening its branch network and client base, as well as to extend its product base and credit line activity. The bank is also well ahead of its competitors in IT systems, client relations and transparency, especially when compared with the National Bank of Uzbekistan.
The largest bank in Uzbekistan is the state-owned National Bank of Uzbekistan but impressive progress from Asaka Bank, as well as the People’s Bank and Pakhta Bank, has reduced its market share from 80% to 55% in the past two years, as well as highlighting its low levels of transparency and poor corporate governance.