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Uzbekistan's best corporate and investment bank 2021: Asakabank


Nodirbek Saydullaev, Asaka Bank.jpg
Nodirbek Saydullaev, Asakabank

The 25th year of Asakabank’s existence did not go as planned. As Covid-19 slammed global growth, Uzbekistan’s second-largest bank found itself in crisis-management mode rather than busy making deals.

But kudos to chairman Nodirbek Saydullaev and his team for making a go of such a chaotic year in the financial markets. Asaka topped up assets to roughly $4.3 billion by January – up from $3.7 billion a year earlier.

Granted, that increase of almost 14% looks tepid when you compare it with average asset growth of 63% a year between 2016 and 2018. But in a year in which the US, Europe and Japan all stumbled and China had its slowest growth in three decades, Asaka shareholders have little cause for complaint.

Saydullaev is a study in understatement when explaining the secret of Asaka’s success in volatile times. “The rapid pace of modern life puts forward new requirements for banks in Uzbekistan,” he says.