Olmahon Turajanova, chairperson of the board of Hamkorbank, said that FMO became the second foreign shareholder of the bank. She recalled that International Finance Corporation (IFC) joined shareholders of Hamkorbank in 2015, buying 15% share of the bank.

She said that legal entities and individuals of Uzbekistan own 70% stake of Hamkorbank now. IFC and FMO possess 15% stake each. In the result, Hamkorbank will become a bank with foreign capital. The sides are not disclosing the sum of the deal.

Olmahon Turajanova underlined that joining of FMO to structure of the shareholders of the bank will help to institutional development of Hamkorbank and attract advanced experience of international bank into banking system of Uzbekistan. She said that it will also assist to improve services, provided to clients.

Henk Nijland, senior manager of Department of FMO on work with financial institutes in Europe and Central Asia, recalled that FMO and Hamkorbank have been cooperating since 2010, when the sides inked credit agreement for US$9 million and that was first investment of the Dutch bank into Uzbekistan.

He underlined that FMO and Hamkorbank have common core values. Both banks are pioneers in introduction of new products and are client oriented.

He said that the deal is very important for FMO. He said that FMO invests into equity of other banks only when it sees their potential. Nijland noted that FMO sees potential in development of financial sector in Uzbekistan. The deal will help two banks to become real partners and to develop private sector in Uzbekistan. FMO is development bank and it wants to create new jobs in Uzbekistan and assist to development of the country.

Director of Department of IFC on work with financial institutes in Europe, Central Asia and Middle East Edward Strowderman welcomed that FMO became the shareholder of the Uzbek bank and said this is right decision. He noted that FMO and IFC have been cooperating for a long time and the Dutch bank will assist to further development of Hamkorbank.

Hamkorbank started a process of reorganization. Hamkorbank will be reorganized into the bank with participation of foreign capital. It is expected that the reorganization process will end by the end of 2014.