Currently, Rothschild is consulting the Central Bank of Kazakhstan on privatizing state assets.

Salvetti said Rothschild was considering expanding its activities to neighbouring Uzbekistan, following steps by President Shavkat Mirziyoyev to open up the economy.

“Uzbekistan is a country with huge potential and the new administration seems to be very committed to modernizing the country,” Salvetti, who visited Uzbekistan earlier this year, said.

“Our working model in Kazakhstan is applicable to Uzbekistan as well - possibly advising the government on privatisations, helping with reforming the banking sector,” he added.