Hamkorbank and FMO established cooperation ties in 2010. The Dutch bank provided US$9 million credit line to Hamkorbank in December 2012.

In March 2014, the Dutch bank allocated additional loan for US$4 million to Hamkorbank, the Uzbek bank said.

As of May 2014, Hamkorbank financed 21 projects within these credit lines. The bank mainly financed projects in sphere of production and services.

In order to further strengthen cooperation, the FMO expressed his intention to become shareholder of Hamkorbank, which is one of the leading private banks of Uzbekistan. The Uzbek bank did not disclose how many shares the Dutch bank will acquire in Hamkorbank.

The Uzbek bank said that investments of FMO into capital of Hamkorbank will help to institutional development of the Uzbek and create new opportunities to finance projects of small business in Uzbekistan.

In 2010, International Finance Corporation (IFC) became a shareholder of Hamkorbank, buying 15% stake in the Uzbek financial institution. Since launch of cooperation, IFC allocated loans for US$13.5 million to the Uzbek bank. The loans are directed to finance projects of Uzbek small businesses, including creation of new jobs.

Signed agreements guarantee that the FMO will not be only partner of Hamkorbank, but also its shareholder. This will help Hamkorbank to introduce advanced international experience into its operations.

At the same time, Hamkorbank can become a bank with the foreign capital as in line with the legislation of Uzbekistan, the commercial banks with 30% of foreign capital will receive such status.