Asakabank
Asakabank is Asiamoney’s choice for best corporate bank in Uzbekistan’s financial scene because of its senior management’s ability to steer the bank in the right direction in the roughest of global environments.
Over the last quarter century, Uzbekistan’s second-largest bank has navigated some devastating global events – from the Asian crisis in 1997 to the subprime meltdown in 2008, and the havoc wreaked by the pandemic since early 2020.
Uzbekistan has never been the most open of economies. This means the government relies on the skill of outward-facing firms such as Asakabank to be both global connector and cushion when the shockwaves from abroad hit local demand and confidence.
Under the leadership of its chairman, Nodirbek Saydullaev, Asakabank plays a role in financing local transactions for the likes of the Asian Development Bank, Commerzbank, Deutsche Bank and US conglomerates such as Cargill, giving it systemic importance. Its majority state ownership structure also means that Asakabank is a key player in developing Tashkent’s economic and social policies.
However, it hasn’t been smooth sailing.