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AwardsBest Bank Awards

Uzbekistan's best bank for ESG 2022: Sanoat Qurilish Bank

Sanoat Qurilish Bank

Sakhi Annaklichev, SQB.jpg
Sakhi Annaklichev, SQB

Over the last century, Sanoat Qurilish Bank has had a front-row view of Uzbekistan’s economic zigs and zags. But it is the work the bank is doing to forge a greener future that put it in front to win our awards for best domestic bank and best for environmental, social and governance this year.

State-owned SQB is among Uzbekistan’s oldest banks, having opened in 1922 as the Industrial Bank of Tashkent. Today, its main shareholders are the ministry of finance, Uzbekistan’s fund for reconstruction and development, and a handful of enterprises in a variety of sectors of the economy.

Its trajectory is often seen as a good proxy for where Uzbekistan has been and where it’s going. In 1991, the year the government declared independence from the Soviet Union, SQB was transformed into a joint-stock commercial bank. By 2009, it had become an open joint-stock commercial bank, a move that many peers have followed since.