The Central Bank has registered the Eurasian Bank, the regulator’s press service reported. Subsidiary of the Kazakh bank was issued a license for banking activities.
At the end of December, the Kazakh Agency for Regulation and Development of the Financial Market allowed the Eurasian Bank to open a branch in Uzbekistan.
Eurasian Bank is a Kazakh commercial bank founded in 1994, headquartered in Almaty. As of November 1, 2023, it has 19 regional branches and 119 cash branches in Kazakhstan.
The bank is part of the Eurasian Financial Company group, which is owned by the Ibragimovs (Mukadaskhan Ibragimova, widow of billionaire Alizhan Ibragimov), Alexander Mashkevich and the billionaire of Uzbek origin Patokh Chodiev (Fattoh Chodiev). A representative office of the Chodiev Foundation opened in Uzbekistan in 2017.
A year ago, Olimjon Chodiev’s Support Level company purchased the government stake in Uzagroexportbank for $5 million without a competition and assumed a number of obligations. In the summer the name was changed to AVO Bank.
Eurasian Bank will become the second Kazakh bank in Uzbekistan. Tenge Bank, a subsidiary of the Kazakh Halyk Bank has been operating in the country since the summer of 2019.
