National Bank of Uzbekistan

The National Bank of Uzbekistan, formally the National Bank of the Republic of Uzbekistan for Foreign Economic Activity Joint Stock Company, is one of the central institutions of Uzbekistan's banking system. Commonly abbreviated as NBU or NBU RUz, it combines the functions of a universal commercial bank, a development-oriented investment institution, and an export-import bank supporting the country's foreign economic relationships. The bank was established on September 7, 1991, shortly after Uzbekistan became independent, and began operations on October 7 of the same year. Its first office was located on Akhunbabayeva Street in Tashkent, and its initial staff numbered approximately 100 people. From its creation, the bank was intended to support national economic development, international trade, foreign-exchange operations, and large public or strategically important projects. NBU has grown into the largest bank in Uzbekistan by assets and is described as accounting for roughly one-quarter of the country's banking-system assets. It serves households, private companies, public institutions, state-owned enterprises, and individual entrepreneurs. Its retail activity includes deposits, consumer and mortgage lending, payment cards, payroll services, remittances, foreign-exchange services, and mobile banking. Its corporate and institutional business includes lending, project finance, trade finance, investment banking, export-import support, correspondent banking, and financial services for major infrastructure and industrial projects. A substantial part of the bank's development role is linked to government priorities. NBU has financed or supported projects in areas such as infrastructure, logistics, industry, health care, and other sectors regarded as important to Uzbekistan's economic and social policy. Many projects have benefited from state guarantees or other forms of public support. In the 2020s, the bank placed additional emphasis on retail lending while continuing to provide policy-oriented and project-based finance. The bank's ownership structure changed in 2019, when it was converted from a government-held unitary enterprise into a joint-stock company. Its shareholding was transferred to the Foundation for Reconstruction and Development of Uzbekistan and the country's Ministry of Economy and Finance. This transformation formed part of wider reforms to the organization and governance of Uzbekistan's state banking sector. NBU maintains a large domestic presence, with approximately 90 offices reported in Uzbekistan. It also has an overseas banking connection through Asia-Invest Bank in Russia. Internationally, the bank has maintained hundreds of correspondent relationships in numerous countries, including relationships with major financial institutions in the United States, Europe, Japan, and Russia. Since 2020, it has participated in Russia's System for Transfer of Financial Messages, commonly known as SPFS, while its international position has also been affected by scrutiny of possible European Union sanctions related to Russia and cross-border financial connectivity. In retail payments, NBU joined Visa International in 1993 and began issuing Visa cards in 1994. It introduced cards denominated in Uzbekistani sum in 1996 and joined MasterCard International in 2016. The bank also operates the AsiaExpress money-transfer service and supports a range of third-party remittance systems. Its digital and partnership activities have included a 2021 buy-now-pay-later initiative developed with the fintech platform Solfy. NBU's scale, state ownership, development mandate, and broad correspondent network distinguish it from a narrowly focused retail bank. It functions both as a commercial financial-services provider and as an instrument for implementing national economic priorities. At the same time, its close relationship with the Uzbek state means that its lending portfolio, governance, international relationships, and exposure to politically directed projects are important parts of its public profile.

The National Bank of Uzbekistan was created during the formation of Uzbekistan's independent state institutions. It was established on September 7, 1991, by Islam Karimov as a unitary enterprise and opened for business on October 7 of that year. The first branch operated from 23 Akhunbabayeva Street in Tashkent, with an initial workforce of about 100 employees. The institution was designed to support Uzbekistan's foreign economic activity while also performing broader commercial banking functions. Its early mandate included financing and facilitating international trade, handling foreign-exchange transactions, supporting economic cooperation, and providing banking services to organizations operating in the newly independent economy. Over time, it expanded beyond its original foreign-economic role into retail banking, corporate lending, development finance, and payment services. NBU became a major repository for retail deposits and also handled deposits belonging to government bodies, public-sector institutions, and state-owned enterprises. Its loan portfolio has included both ordinary commercial lending and projects aligned with government development priorities. Infrastructure, logistics, industrial production, health care, and other strategic sectors have been among the areas supported through the bank's investment and lending activities. State guarantees have been used in some cases to reduce project-related risks. The bank developed its retail-payment franchise during the 1990s. It joined Visa International in 1993 and began issuing Visa cards in 1994. Uzbekistani sum-denominated cards followed in 1996. In 1997, NBU introduced a payroll project for The Coca-Cola Company, described as the first such project in Uzbekistan. The bank later joined MasterCard International in 2016. It has also provided international remittance services through its AsiaExpress system and distributed or supported other remittance brands, including MoneyGram, Contact, Leader, Unistream, Migom, and Zolotaya Korona. NBU's domestic network and service capacity expanded substantially. A 2020 description recorded dozens of branches and financial-services centers, together with currency-exchange offices, automated teller machines, kiosks, and the Milliy mobile application. The bank serves individual customers, organizations, and entrepreneurs, and has continued to develop consumer, mortgage, small-business, and digital-finance products. A major institutional change occurred in 2019. The bank was transformed from a unitary enterprise whose capital was held by the Government of Uzbekistan into a joint-stock company. Ownership was assigned to the Foundation for Reconstruction and Development of Uzbekistan and the Ministry of Economy and Finance. The change reflected broader efforts to modernize the structure of state-owned banks while preserving NBU's role in national economic policy. NBU has maintained an international banking network through roughly 700 correspondent relationships in about 80 countries, including relationships with large American, European, Japanese, and Russian banks. It also operates in connection with Asia-Invest Bank in Russia. In 2020, NBU joined Russia's SPFS financial-messaging system. Its exposure to Russian financial infrastructure later became relevant to reporting about possible European Union sanctions in 2025, although the available reference material describes sanctions as being considered rather than definitively imposed. The bank has also pursued fintech partnerships. In 2021, it worked with Solfy on a buy-now-pay-later service, contributing banking infrastructure and debt financing. Later reporting described disagreements over the continuation of financing and debt enforcement, followed by legal and political allegations surrounding the relationship. Those claims require careful treatment because the available material does not establish them as adjudicated findings. Today, NBU remains a state-linked universal bank with a dual identity. It is a large-scale commercial institution serving households and businesses, but it is also a development and foreign-trade bank used to support Uzbekistan's economic priorities. Its size, state ownership, retail deposit base, project-finance role, international correspondent network, and involvement in payment-system developments make it one of the most consequential financial brands in Uzbekistan.

• 2021

  Launched a Solfy BNPL partnership

  [1]National Bank of Uzbekistanen.wikipedia.org

  The bank partnered with Solfy on a buy-now-pay-later product, supplying infrastructure and debt financing.

• 2020

  Joined the SPFS network

  [1]National Bank of Uzbekistanen.wikipedia.org

  NBU joined Russia's System for Transfer of Financial Messages.

• 2019

  Converted to a joint-stock company

  [1]National Bank of Uzbekistanen.wikipedia.org

  The bank was reorganized as a joint-stock company with ownership held by two Uzbek state institutions.

• 2016

  Joined MasterCard International

  [1]National Bank of Uzbekistanen.wikipedia.org

  NBU joined MasterCard International, broadening its international card-network participation.

• 1997

  Introduced a payroll project

  [1]National Bank of Uzbekistanen.wikipedia.org

  NBU introduced a payroll project for The Coca-Cola Company, described as the first of its kind in Uzbekistan.

• 1996

  Introduced Uzbekistani sum cards

  [1]National Bank of Uzbekistanen.wikipedia.org

  The bank introduced cards denominated in Uzbekistani sum.

• 1994

  Began issuing Visa cards

  [1]National Bank of Uzbekistanen.wikipedia.org

  NBU began issuing Visa payment cards in Uzbekistan.

• 1993

  Joined Visa International

  [1]National Bank of Uzbekistanen.wikipedia.org

  The bank joined Visa International as part of the development of its retail payment business.

• 1991

  Bank established

  [1]National Bank of Uzbekistanen.wikipedia.org

  The National Bank of Uzbekistan was established as a unitary enterprise on September 7, 1991.

• 1991

  Bank began operations

  [1]National Bank of Uzbekistanen.wikipedia.org

  NBU began operating on October 7, 1991, from its first office in Tashkent.

A state-owned universal bank combining commercial banking, retail financial services, international trade support, and national development finance.

• Consumer banking

  Retail banking

  NBU provides household banking services including current and savings accounts, deposits, consumer credit, mortgage lending, payment cards, cash services, foreign exchange, and digital access. Its retail franchise is significant within Uzbekistan, and the bank is described as the country's largest retail deposit holder.

• Payments · 1994

  Visa and MasterCard cards

  The bank has issued Visa cards since 1994, including Uzbekistani sum-denominated cards from 1996, and joined MasterCard International in 2016. These card services form part of NBU's domestic and international payment offering.

• Money transfer

  AsiaExpress

  AsiaExpress is NBU's own international money-transfer service. The bank also supports other remittance providers, allowing customers to send and receive funds through a broader transfer network.

• Digital banking

  Milliy mobile application

  Milliy is NBU's mobile-banking application, referenced as a channel used by the bank's retail customers. It represents the bank's digital access layer for everyday account and payment services.

• Corporate banking

  Corporate and project finance

  NBU finances organizations, public-sector entities, state-owned enterprises, and entrepreneurs through corporate loans, trade finance, investment banking, export-import support, and project finance. Its development portfolio includes infrastructure, logistics, industrial, health-care, and other nationally prioritized projects.

• Consumer finance · 2021

  Solfy buy-now-pay-later service

  In 2021, NBU supplied financial infrastructure and debt financing for a buy-now-pay-later service developed with the fintech platform Solfy. The partnership linked the bank's lending capacity with a technology-enabled consumer-finance product.

• 2025

  Reported scrutiny over possible European Union sanctions

  Russian investigative reporting said that the European Union was considering sanctions against NBU, potentially affecting its access to international financial messaging. The available material reports consideration of sanctions, not a confirmed final measure.

  Source

• 2025

  Dispute with Solfy over debt financing

  Reporting described a dispute concerning the continuation of debt financing for Solfy's buy-now-pay-later business and subsequent enforcement proceedings. The available material also contains allegations by legal advisers concerning informal influence and abuse of power; these claims are not established here as proven findings.

  Source

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• 2021

  Partnered with Solfy on buy-now-pay-later financeProduct launch

  Background

  NBU was expanding its retail-finance and fintech activities.

  Action taken

  The bank provided the financial infrastructure and debt financing for a BNPL service operated with Solfy.

  Aftermath

  Later reporting described a dispute over extending the debt arrangement and subsequent enforcement proceedings. The ultimate commercial and legal outcome is not established in the available source material.

  Source

• 2020

  Joined Russia's SPFS financial-messaging systemStrategy

  Background

  NBU maintained extensive international correspondent relationships while operating in a region where alternative financial-messaging infrastructure was developing.

  Action taken

  The bank joined the System for Transfer of Financial Messages operated as a Russian alternative to SWIFT.

  Aftermath

  The decision became relevant to later reporting about the bank's international connectivity and possible European sanctions exposure.

  Source

• 2019

  Reorganized as a joint-stock companyStrategy

  Background

  NBU had previously operated as a unitary enterprise whose capital was held by the Uzbek government.

  Action taken

  The bank was converted into a joint-stock company owned by the Foundation for Reconstruction and Development of Uzbekistan and the Ministry of Economy and Finance.

  Aftermath

  The reorganization preserved the bank's state-linked ownership while changing its legal and governance structure.

  Source

1. 1National Bank of Uzbekistanen.wikipedia.org