Tashkent, Uzbekistan, November 9, 2018—
Hamkorbank, the largest private bank in Uzbekistan, is being boosted by support from international financial institutions in a move that will take it to the next stage of growth. A Swiss-based shareholding company managed by responsAbility Investments and specializing in development investments has purchased 7.66 percent of the bank’s shares from IFC, representing approximately half of the shares held by IFC before the transaction.
IFC, a member of the World Bank Group, was the first global investor in Hamkorbank in 2001 and its first foreign shareholder in 2010. IFC remains an active shareholder in Hamkorbank and will continue to support the bank’s development.
“We are delighted to welcome responsAbility as our new shareholder and are proud that another reputable investor has demonstrated its confidence in Hamkorbank,” said Ikram Ibragimov, founding shareholder and Chairman of the Supervisory Board of Hamkorbank. “We look forward to continue providing high-quality financial services and growing with our customers.”
“responsAbility is excited to join IFC as a shareholder in Hamkorbank and to support the bank’s inclusive finance and sustainable banking solutions offered to valued micro, small, and medium-sized enterprises across Uzbekistan. We believe that Hamkorbank’s national presence, strong brand, and highly capable team position it well to continue to grow and prosper in a time of swift policy change and economic development in Uzbekistan,” said Michael Fiebig, Head of Financial Institutions Equity at responsAbility.
“IFC is glad to introduce to the bank’s shareholding a like-minded private-sector investor with a development goal and objective to support the expansion of Hamkorbank’s banking services for smaller businesses, including in the country’s rural areas and Fergana valley where the bank has a strong presence,” said Cassandra Colbert, IFC’s Regional Manager for Central Asia.
During its long-standing partnership, IFC has provided Hamkorbank with more than $60 million in debt, equity, trade finance facilities and hedging instruments. IFC has also helped the bank develop risk management practices, build capacity to finance agri-businesses, and introduce global best practices in several areas, including corporate governance, SME banking and branch management.
About Hamkorbank
Joint Stock Commercial Bank with Foreign Capital Hamkorbank is the largest private bank in Uzbekistan. Over 27 years the bank has expanded its branch network and transformed into a nation-wide financial institution covering all administrative regions of Uzbekistan and offering more than 50 financial products and services. For more information, please visit
www.hamkorbank.uz
About responsAbility Investments AG
responsAbility is one of the world’s leading asset managers in the field of development investments. The company manages a series of investment vehicles that supply private debt and private equity to predominantly non-listed companies with inclusive business models in emerging and developing economies. responsAbility has over USD 3 billion of assets under management invested in over 540 companies in 90 countries. Founded in 2003, the company is headquartered in Zurich and has 9 local offices across the world. For more information, visit
www.responsAbility.com
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About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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