Lion Finance Group, the parent company of Bank of Georgia, is considering entering Uzbekistan's banking market by acquiring one of the country's “major” local banks. Lion Finance Group CEO Archil Gachechiladze told Bloomberg.
According to Gachechiladze, the company aims to replicate Bank of Georgia's digital banking model in new markets, with a particular focus on larger institutions.
"We're focused on top-three or top-five players. The key to unlocking that value is finding new markets where we can apply this model," Gachechiladze said.
He added that banks ranking among the top three in their respective markets are Lion Finance Group's preferred targets.
"The top three is preferable. We don't go after small banks," the group's chief executive said.
The report did not specify which Uzbek banks are being considered as potential acquisition targets, nor did it mention any ongoing negotiations or formal offers.
According to the Central Bank of Uzbekistan reviewed by Gazeta.uz, the country's five largest state-owned banks by assets are the National Bank of Uzbekistan (NBU), Agrobank, Uzpromstroybank (SQB), Asakabank, and Xalq Bank (People's Bank).
Under Uzbekistan's updated Uzbekistan - 2030 strategy, the number of state-owned banks is set to shrink from nine to seven in 2027, to six in 2028, to five in 2029, and to four by 2030 — meaning the government plans to privatize five banks over the next four years.
The government's fiscal strategy calls for the privatization of SQB, Asakabank, Aloqabank and Turonbank in 2026 or later.
According to Fitch Ratings, Uzpromstroybank is considered the most ready for sale and could serve as a model for the transformation of other state banks, while the sale of Asakabank and Aloqabank may be pushed closer to 2030.
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