AVO Bank

Owners

For 2024, the bank, together with the IT company AVO Services and Technology, is part of the AVO group of companies established by Olimzhon Shadiev.

History

2023: Avo.uz buys bank for $5 million and renames it AVO Bank

In early January 2023, it became known that Support Level bought Uzagroexportbank for $5 million without a competition and assumed a number of obligations. The company later changed its name to Avo.uz.

According to the USRPO, this company was registered in August 2015 in Tashkent. The main activity is the activities of other human resources organizations. As of October 18, 2022, the company's authorized fund amounted to 6 million soums, but as of October 28, it grew to 56 billion soums, and then to 91.3 billion soums.

As of June 1, the bank's authorized fund is 105.1 billion soums. Since the beginning of the year, assets have increased from 49 billion to 63 billion soums, and liabilities - from 2 to 3 billion soums.

The head of the Avo.uz is Iskander Imamalievich Usmanov, the only founder is Olimzhon Kasymovich Shadiev.

2022: Sovcombank canceled the purchase of Uzagroexportbank due to sanctions

On June 27, 2022, Sovcombank announced the cancellation of the purchase of Uzagroexportbank due to the sanctions that the Russian credit institution fell under. In February 2022, the deal was suspended, and four months later it was declared invalid.

Unfortunately, due to the fact that we, as well as almost all systemically important Russian banks, were sanctioned, the implementation of the project in the current conditions became impossible. Now, by mutual decision of the parties, the deal is in the process of cancellation. We can say that it has already been practically canceled, "said Sergei Khotimsky, First Deputy Chairman of the Board of Sovcombank, quoted by TASS with reference to the press service of the credit institution.

Sovcombank canceled the purchase of Uzagroexportbank due to sanctions

The United States imposed blocking sanctions against Sovcombank at the end of February 2022 after the start of a special operation in Ukraine. This was followed by similar decisions from a number of other countries.

In June 2022, Sergei Khotimsky said that under the conditions of Western sanctions imposed against Russia, entering the Uzbekistan market would only bring problems for the regulator. Any subsidiary bank would automatically fall under sanctions, he noted.

According to him, Sovcombank by June 2022 retains hope for a change in the situation with the solution of the sanctions problem. Then the bank will resume credit activity in Uzbekistan - but for now it is forced to curtail most of its projects.

Uzagroexportbank provides support to producers and exporters of the agro-industrial sector, it is 100% owned by the khokimiyat of Tashkent. Earlier it was reported that Sovcombank buys Uzagroexportbank from Uzbekistan for $4 million. Sovcombank won the public competition for the privatization of this bank, signed an agreement with the Agency for the Management of State Assets of Uzbekistan.^[1]

2021: Sovcombank Acquisition Plan

Bank logo in 2021

Uzbekistan The authorities intend to sign the Russian Sovcombank ExpoBank agreements on the sale of 100% of Uzbek Uzagroexportbank by the end of the year Bank's poytacht. , and this became known on November 29, 2021.

I think we will sign agreements with Sovcombank and Expobank by the end of the year on the sale of 100% of Uzagroexportbank and Poitakht Bank, respectively, "said Deputy Prime Minister of Uzbekistan Jamshid Kuchkarov.

Uzagroexportbank has been operating since 2017, specializes mainly in lending to enterprises of the agro-industrial complex of the republic and is fully owned by the administration of the capital of Uzbekistan.

The Poytakht Bank was created at the end of 2018 and is also fully owned by the Khokimiyat of Tashkent. As of August 1, the bank's assets amounted to 256 billion soums, obligations - 125 billion soums, loan portfolio - 99 billion soums^[2].

Notes