Best bank 2025: JSCB Uzbek Industrial and Construction Bank
JSCB Uzbek Industrial and Construction Bank (SQB) has emerged as one of Uzbekistan’s most dynamic and resilient financial institutions in 2024, demonstrating strength across all key performance areas – from financial growth and capital adequacy to innovation and sustainability.
With total assets reaching Som87.6 trillion ($6.9 billion) and net loans of Som65.5 trillion, SQB ranks as the second-largest bank in the country. Its net income rose to Som1.3 trillion, supported by a return on average equity of 13.9% and a cost-to-income ratio of 20.7%, reflecting strong operational efficiency.
SQB’s capital position remains robust, with a Tier 1 capital ratio of 10.6% and a total capital ratio of 15.6%, well above regulatory requirements. Asset quality is also a standout, with a non-performing loan ratio of just 2.8% and a coverage ratio of 119.6%.
The bank has made significant strides in ESG integration, expanding its green loan portfolio and implementing a comprehensive ESG strategy. It has also partnered with the Global Green Growth Institute and received a second party opinion from Sustainable Fitch, underscoring its commitment to sustainable finance.
SQB continues to broaden its client base by leveraging corporate relationships to attract SMEs and retail customers. Its digital platforms – including SQB Mobile and SQB Business – have enhanced accessibility and service delivery, while a planned SuperApp aims to further integrate retail banking services.
Best investment bank 2025: Avesta Investment Group
Avesta Investment Group has emerged as a key player in Uzbekistan’s investment banking sector, delivering landmark transactions and advisory services that have significantly advanced the country’s capital markets.
Founded in Tashkent as a private partnership, Avesta specialises in foreign investment attraction, mergers and acquisitions, corporate restructuring, privatisation, and capital market transactions. The firm also provides securities custodian and registrar services through its licensed subsidiary and operates Avesta Research, offering industry insights across sectors such as banking, telecom, energy and food processing.
In 2024, Avesta played a pivotal role in two major corporate bond issuances for TBC Bank Uzbekistan, the country’s largest digital bank. The first issuance, valued at Som40 billion ($3.1 million), featured a one-year maturity and a 24% coupon rate. The second, a two-year bond worth Som128 billion (approximately $10 million), became the largest corporate bond ever issued by a digital bank in Uzbekistan and one of the largest in the local market.
These transactions, executed in partnership with TBC Capital and supported by Avesta’s brokerage arm, TAT-Reestr LLC, marked a breakthrough in attracting foreign investment into UZS-denominated instruments. Avesta’s ability to navigate local regulatory frameworks for a London-based bank subsidiary demonstrated its strength in legal and compliance advisory, opening doors for international development finance institutions and institutional investors.
Beyond deal execution, Avesta contributes to market development through board memberships at the Tashkent Stock Exchange and local public companies, and active participation in Chapter Zero Uzbekistan and the Securities Market Advisory Board.
Best investment bank for DCM 2025: JSCB Uzbek Industrial and Construction Bank
JSCB Uzbek Industrial and Construction Bank (SQB) has emerged as one of Uzbekistan’s most dynamic financial institutions for debt capital markets in 2024, delivering innovative financing solutions and setting new benchmarks in investment banking.
In 2024, SQB continued to build on its pioneering legacy, having previously executed the country’s first-ever corporate Eurobond issuance on the London Stock Exchange and the first non-sovereign private placement of a green bond. These landmark transactions, totalling over $680 million, reflect the bank’s deep expertise in structuring and executing complex capital market deals.
SQB’s investment banking team has played a central role in advancing Uzbekistan’s financial infrastructure. The bank offers a full suite of services, including underwriting, bookrunning and advisory for IPOs, SPOs and bond issuances. It also provides risk management tools such as SWAPs, repos and hedging instruments, supporting clients in navigating volatile markets.
The bank’s strategic focus on sustainability is evident in its green bond offerings and ESG advisory services. SQB supports clients in issuing sustainability-linked instruments and aligning with international ESG standards, while also conducting technical evaluations for green projects in collaboration with its green banking division.
With a strong track record in project finance, SQB has facilitated major infrastructure and industrial developments, including energy, transport and chemical sector projects. Its partnerships with international financial institutions and export credit agencies have enabled access to diversified funding sources and enhanced investor confidence.
Best investment bank for M&A 2025: ALKES
ALKES solidified its position as a leading investment banking and advisory boutique in Uzbekistan, delivering high-impact mergers and acquisitions services that are transforming the country’s financial services sector.
The firm’s leadership team brings international experience and a strong track record in capital markets, private equity and corporate finance. ALKES also contributes to market development through its involvement in regulatory reform, ESG integration and sustainable finance initiatives.
With a boutique approach and deep local expertise, ALKES has become a trusted partner for both public and private sector clients.
The firm’s standout M&A achievement in 2024 was its advisory role in the privatisation of a 35% government stake in Uzbekistan’s largest logistics company. ALKES led the transaction from end to end, engaging investors from Saudi Arabia, Singapore, Russia, Latvia and Uzbekistan, and successfully closed the deal. This transaction marked one of the largest privatisations of the year and demonstrated ALKES’s ability to manage complex, cross-border M&A processes.
Best digital bank 2025: Uzum Bank
Uzum Bank has rapidly emerged as a leader in Uzbekistan’s digital banking landscape, redefining financial services through innovation, accessibility and ecosystem integration.
Uzum Bank operates within a national digital ecosystem that serves over 15 million people. In October 2024, the bank launched its first fully digital product – the Uzum virtual card – in partnership with Visa. Built on a localised infrastructure, the card offers seamless cashless payments, transfers and a unique revolving credit limit for instalment purchases and microloans. Within just four months, over 700,000 customers adopted the product.
Uzum Bank’s digital lending capabilities are equally impressive. In 2024, the total volume of instalment purchases and microloans issued by Uzum Fintech reached $421 million – 2.7 times higher than the previous year. The bank’s buy-now-pay-later service, Uzum Nasiya, more than doubled its loan portfolio, and Uzum now accounts for approximately 50% of online loans issued by microfinance institutions in the country.
The bank’s app offers a universal QR code for payments across public transport and retail, and its partnership with ATTO has enabled cashless fare payments in Tashkent’s metro and buses. In just 3.5 months, users saved over Som1.5 billion ($0.12 million) through cashback rewards.
Security is a top priority, with biometric authentication via MyID, Face ID, and two-factor authentication integrated into the app. Uzum Bank also promotes financial literacy through educational campaigns and partnerships with the central bank, helping both consumers and entrepreneurs navigate digital finance.
Best bank for ESG 2025: JSCMB Ipoteka-Bank
JSCMB Ipoteka-Bank has emerged as a national leader in integrating environmental, social, and governance (ESG) principles into its operations, setting a benchmark for sustainable banking in Uzbekistan.
In 2024, the bank adopted a comprehensive ESG strategy aligned with national regulations and OTP Group standards. This strategy outlines clear goals to expand green financing, reduce carbon emissions and promote social responsibility. A dedicated sustainable development department was established to oversee ESG initiatives, replacing the earlier ESG risk unit and enhancing the bank’s capacity for large-scale sustainability programmes.
Ipoteka Bank’s green loan portfolio reached Som109.3 billion ($8.6 million) by the end of 2024, with a target of Som494.4 billion by 2028. The bank offers tailored green products for corporate, retail and SME clients, including loans for energy-efficient technologies, electric vehicles, and renewable energy installations. It also issued Som1.4 trillion in Eurobonds under JP Morgan’s Development Finance Institution programme, supporting multiple UN Sustainable Development Goals.
Operationally, the bank has implemented solar panels in 37 branches, generating 12% of its total energy consumption from renewable sources. It also planted nearly 100,000 trees under the national Yashil Makon initiative and transitioned to LED lighting and electronic document systems to reduce its environmental footprint.
Socially, Ipoteka Bank has supported women entrepreneurs through the EBRD-backed Businesswomen in Central Asia programme, allocating Som15.05 billion in loans and receiving the First Among Equals award for its efforts. The bank also conducted ESG training for employees and clients, and implemented 17 charitable projects in 2024.
Best bank for corporates 2025: JSCB Uzbek Industrial and Construction Bank
JSCB Uzbek Industrial and Construction Bank (SQB) has solidified its position as a leading force in Uzbekistan’s corporate banking sector in 2024, driven by its robust financial performance, innovative product offerings and deep-rooted client relationships. Its corporate lending strength is evident in its diversified portfolio, with 63% of loans secured by collateral and a strong presence across key sectors such as manufacturing, oil and gas, and trade.
SQB’s transactional banking ecosystem has been a cornerstone of its corporate strategy. The bank offers a comprehensive suite of services including supply chain finance, structured finance, trade finance and tailored tariff packages. Its partnerships with over 30 international financial institutions enable access to competitive credit lines, including green financing options and export-import support.
The bank’s digital transformation has enhanced its service delivery, with integrated platforms for online invoicing, liquidity management and 24/7 payments. SQB also maintains direct correspondent relationships with major global banks, facilitating seamless cross-border operations.
In 2024, SQB continued to expand its nationwide reach, operating from its head office in Tashkent and maintaining one of the widest distribution networks in Uzbekistan. Its client-centric approach is supported by dedicated relationship managers and a specialised transaction banking department.
Best bank for corporate responsibility 2025: JSCB Agrobank
JSCB Agrobank has demonstrated exceptional leadership in corporate responsibility, delivering impactful initiatives that support sustainable agriculture, water management and rural development across Uzbekistan.
A flagship initiative is the Water Management School, launched in 2023 under a presidential directive. By 2024, the programme had trained over 13,000 farm leaders and workers in efficient irrigation and water-saving technologies. With experimental training sites established in 13 regions, the initiative is set to reach over 10,000 more farmers in 2025, contributing to improved crop yields and reduced water consumption.
Complementing this, the Agro In Vitro project began producing high-quality, virus-free seedlings, with 1.1 million units distributed in 2025. This has enhanced farm productivity and resilience, while creating new employment opportunities. Meanwhile, the Agrolab project has provided soil analysis and agronomic support to over 1,800 farms, helping optimise fertiliser use and improve yields.
The economic impact of these programmes has grown significantly year-on-year. In 2024, the bank’s CSR efforts led to measurable cost savings, productivity gains and new revenue streams for farmers. By 2026, the combined initiatives are projected to benefit over 25,000 individuals and generate major contributions to the national economy through increased agricultural output and export potential.
Internally, Agrobank has scaled its CSR operations by establishing the Water and Social Projects Center, which now employs 28 staff across eight specialised units. This structural growth reflects the bank’s long-term commitment to social impact.
Best bank for consumers 2025: JSCMB Ipoteka-Bank
JSCMB Ipoteka-Bank has demonstrated exceptional performance in Uzbekistan’s retail banking sector in 2024, marked by strong growth, innovation and a deep commitment to customer needs.
The bank’s active retail client base grew by 16.3% year-on-year, reaching 1.71 million customers. This expansion reflects successful customer acquisition strategies and enhanced service offerings. Retail lending also saw robust growth, with the portfolio increasing to Som23.8 trillion ($1.9 billion) – driven largely by accessible mortgage products and improved lending processes.
Deposit growth has been equally impressive. Retail current account balances rose by 32.8% to Som2.63 trillion, supported by the launch of flexible and competitive savings products. These include the Constructor deposit, which allows customers to customise currency, term and interest payout options, and a new savings account offering 18% annual interest with flexible access.
Ipoteka-Bank has also modernised its service network, opening 27 new service points and implementing a governance model that enhances branch efficiency and customer experience. The bank’s digital transformation strategy includes a hub-and-touchpoint model and performance-based KPIs to ensure service excellence.
Security remains a top priority. The bank has implemented a five-layer fraud prevention system using AI, biometric authentication, and real-time monitoring to protect customer data and transactions.
In addition, the bank has embedded insurance into its lending products and expanded financial inclusion through youth-focused initiatives. The Junior and Student Cards now offer transport integration, partner discounts, and insurance features – broadening access to financial services for younger customers.
With a return on equity of 34%, a cost-to-income ratio of 33.8%, and a Tier 1 capital ratio of 15%, Ipoteka-Bank combines financial strength with customer-focused innovation, setting a high standard in Uzbekistan’s consumer banking landscape.
