Ziraat Bank Uzbekistan – A 30-Year Legacy
Today marks the 30th anniversary of Ziraat Bank Uzbekistan, which holds a significant place in Uzbekistan’s financial landscape as the first commercial bank established with foreign investment.
Ziraat Bank Uzbekistan was founded in 1993 under the name UTBANK (Uzbekistan-Turkey Bank), through a capital partnership between Turkey’s "Ziraat Bankası" A.Ş. and Uzbekistan’s "Agrobank." The bank quickly established itself as one of the most successful financial institutions in the Republic of Uzbekistan.
The key factors contributing to the bank’s success are its constant drive for development and the high professionalism of its team. These attributes have been particularly evident in the bank’s strong position within the banking sector. Today, Ziraat Bank Uzbekistan is entering a new phase of development, aiming to offer expanded opportunities to its customers.
Two main factors shape the bank’s operations. Firstly, the experience of Turkey’s esteemed "Ziraat Bankası" A.Ş., known worldwide for its high service quality in the global banking and finance markets. The second factor is the active support provided for the development of Uzbekistan-Turkey joint ventures accredited in Tashkent and representative offices in Turkey.
As a foreign bank operating within the Republic of Uzbekistan, Ziraat Bank Uzbekistan aligns its activities with the government’s policy to strengthen the country's banking sector. The bank operates in accordance with the approved legal frameworks and regulations in Uzbekistan, ensuring the effectiveness of its operations. To facilitate its growth, the bank has implemented mechanisms for increasing service diversity, developing new banking products, and applying advanced banking technologies that meet international standards for customer service.
On November 30, 2017, Turkey’s "Ziraat Bankası" A.Ş. fully acquired the 50% stake previously held by "Agrobank" OAJ in "UTBANK," making it the sole shareholder of the bank. Following this acquisition, the bank’s name was changed to Ziraat Bank Uzbekistan.
The investments made by Turkey represent a significant step in improving the investment climate in Uzbekistan. Ziraat Bank Uzbekistan is also working to expand its geographic footprint. As of today, it operates two branches and one corporate customer service office in Tashkent. New branches were opened in Samarkand in 2020, Fergana in 2021, Andijan in 2022, and Bukhara in 2023. In the near future, additional branches are planned to open in Namangan, Navoi, Jizzakh, Urganch, and the Sergeli district of Tashkent, with the goal of achieving 80% coverage across the country.
The sole shareholder of Ziraat Bank Uzbekistan, "Ziraat Bankası" A.Ş., has a rich history spanning 160 years and is currently Turkey's largest credit institution. The bank operates over 1,800 branches in Turkey, offering a wide range of services, including corporate, commercial, agricultural, and retail banking. Furthermore, Ziraat Bankası A.Ş. is a strong financial entity with branches and affiliated banks in 18 countries. The "Ziraat Bank Financial Group" is a large financial institution involved in leasing, pension funds, insurance, real estate, investment banking, and information technology sectors.