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SOCIETY | 17:27 / 25.10.2024
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1 min read
UAE's Bond Investments acquires Poytakht Bank for $10 million
The UAE-based company Bond Investments has acquired full ownership of Poytakht Bank in Uzbekistan for $10 million.
Photo: Poytakht Bank
The State Assets Management Agency (SAMA) confirmed that the transaction was finalized with a one-time payment arrangement.
Previously, Russia's Expobank had signed an agreement to privatize the state’s share in Poytakht Bank. However, due to changing international conditions, Expobank was unable to meet the terms of the agreement, leading to a mutually agreed contract termination.
Founded in 2017 by presidential decree, Poytakht Bank engages primarily in commercial banking, securities, currency exchange, and lending services.
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