Tashkent, Uzbekistan (UzDaily.com) – Bond Investments Limited LLC from the UAE will acquire 100% of the shares in the charter capital of Poytakht Bank, the Agency for Management of State Assets of Uzbekistan (AUGA) said in a statement.

The agency announced that it has reached an agreement with Bond Investments Limited LLC for the sale of the entire package of shares of Poytakht Bank. The investor has committed to pay a sum of US$10 million in a lump payment.

Earlier, AUGA had signed an agreement with Expobank from Russia for the sale of this bank. However, by mutual agreement, this agreement was canceled due to Expobank’s inability to fulfill it amidst the current international situation.

Subsequently, the State Assets Agency continued to accept proposals from other strategic investors with the assistance of international consultant Deloitte.

The proposal received from Bond Investments exceeded the offers of other contenders and the estimated value assessed by the independent appraiser, international company KPMG.

Consultant Deloitte coordinated the privatization process and prepared the draft purchase agreement. It was also confirmed that Bond Investments Limited LLC and related entities are not included in the sanction lists of the European Union, the United States, and major international financial institutions.

AUGA notes that the investor is one of the fastest-growing investment companies in the UAE, part of the Das Holding LLC group. The group includes companies operating in various business sectors in the Middle East and globally. The group has successful experience in establishing and managing banks in the UAE, including Islamic and digital banks, and plans to leverage this experience in the banking sector of Uzbekistan.

The investor has already prepared a comprehensive plan for the development of Poytakht Bank infrastructure, including the introduction of modern mobile and digital financial technologies.

It is worth noting that to finalize the transaction on legal grounds, the investor must obtain the initial approval of the Central Bank of the Republic of Uzbekistan for the acquisition of shares in Poytakht Bank.