AsiaMoney magazine has recognized Uzbekistan’s Sanoat Qurilish Bank as the Best Domestic Bank 2021.

The experts of the publication, recognizing the Bank as the largest credit institution in the country, analyzed its activities over the past 12 months. AsiaMoney notes that SQB became a premier player in the whole gamut of banking in Uzbekistan: state, corporate and retail lending; deposit-taking; cash-handling; international transfers; letters of credit; and foreign-exchange operations.

Today, it is the go-to institution for sectors including oil, gas and chemicals. It is one of the biggest banks in the country in terms of assets and loans. As of late 2020, SQB’s assets had increased 29% to $4.5 billion from $3.7 billion a year earlier, while return on equity rose to 15%, from 9% in 2019.

Experts highly appreciated the work carried out together with the International Finance Corporation and the European Bank for Reconstruction and Development on the transformation of a financial institution, which allowed the bank to scale its business and transform it into a universal bank operating on market principles, diversify its investment portfolio with a focus on small and retail business segments, increase the marketing and brand awareness among the population.

The colossal work carried out by SQB in terms of digitalization of banking services, through the introduction of the JOYDA software and the SQB Premium service, was emphasized.

As the planned goals of the bank for the near term, AsiaMoney noted the support of clients who find themselves in a difficult situation in connection with the coronavirus pandemic, as well as the improvement of corporate governance and risk management in the bank’s system. 

UzA