Uzbekistan's banking sector includes 35 banks, with their total assets exceeding $51 billion as of December 1, 2023. 10 government-owned banks control 68% of the banking sector's total assets ($35 billion). There has been rapid growth of private banks in recent years, with 19 banks doubling their market share to 21% since 2019 and boosting their total assets to $10.6 billion. Six foreign-owned banks have 11% of the market share in Uzbekistan, a threefold increase in the last three years.
Foreign and private banks in Uzbekistan are rapidly expanding their market share, according to ECA50 Plc. In 2019, government-owned banks controlled an overwhelming 85% of the banking sector's assets. In five years, this almost-monopolistic number has been reduced to 68%. The government's target is to reduce it further to 40%.
The infographics includes the top 25 banks in Uzbekistan ranked by total assets, too.
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