Azizov & Partners

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    Banking and Finance

    Banking and Finance

    Banking legislation in Uzbekistan is still in the development stage, it is therefore not rare when mandatory regulations or resolutions of the Central Bank of Uzbekistan are often applied even if not published or issued just as verbal instructions. In addition, some of the applied rules are developed and approved by the local banks in the process of their daily practice and which are applied as long as the Central Bank of Uzbekistan finds them acceptable. Banking sector in Uzbekistan is governed by a substantial number of statutory laws and legislative acts. Most of the regulations in the banking sector including those governing activities of commercial banks are issued by the Central Bank of Uzbekistan. There are following basic laws in Uzbekistan, which govern the banking and finance sector: the Law “On Central Bank of Uzbekistan”; the Law “On banks and banking activity”; the Law “On exchange regulation”; the Law “On Private Banking and Financial Institutions and Guaranties of Their Activity” and the Law “On electronic payments”.

    The Uzbekistan legislation makes deference between regulation of the foreign currency and local currency (Uzbek Soums) circulation in Uzbekistan.

    According to Uzbekistan Law “On Banks and Banking Activity”, accepting of deposits for further lending and investing thereof as well as transferring of monies is referred to the banking activity, which requires obtaining of the license for banking activity from the Central Bank of Uzbekistan.

    Bank cards in Uzbekistan shall be issued only by the Uzbekistan Resident banks. It is provided that the Uzbekistan banks are entitled to enter into the foreign and international settlement organizations and payment systems.

    According to Uzbekistan Law “On Foreign Currency”, all foreign currency transactions are divided into (i) current (everyday) international transactions, which shall be performed without limitations, and (ii) currency transactions involving movement of capital, most of which are subject to restrictions, approvals and permissions of the Central Bank of Uzbekistan.

    Uzbekistan has jointed the two New York international treatments on prevention of money laundering. There is Uzbekistan Law “On the resistance to legalization of incomes received from criminal activity and financing of terrorism”.

    Our law firm offers the following services in the sphere of Banking and Finance:

    • advising private sector clients on a wide range of matters arising from the foreign lending and borrowing, project financing and introduction of new banking instruments;
    • handling regulatory matters in the Central Bank of Uzbekistan, including registration and licensing of resident banks and obtaining of preliminary consents of above authority for merger and acquisition;
    • representation corporate clients in front of banks in course of lending and project financing to help with anything from negotiations to assistance with confirmation of Condition and Subsequent Precedents;
    • verifying of external borrowing contracts in respect to their correspondence to the mandatory regulations of the Uzbekistan legislation, including as regard to requirements of the Central Bank of Uzbekistan;
    • registration of the currency transactions involving movement of capital with the Central Bank of Uzbekistan;
    • consulting on various legal issues related to project financing and foreign currency international transactions.
    Category:

    VEB. RF (State Development Corporation)

    • The government of Uzbekistan approved the allocation by VEB.RF of a preferential export credit to finance the investment project on construction of piquet 102+00 and Bogishamol small hydroelectric power plants in Dargom channel in Samarkand region. Our firm participates in the project on behalf of the lender to finance the construction of two small hydroelectric power plants on the Dargom channel.
      The firm reproduced the following actions for this project:
      • Advised on financial documents, including state guarantees, facilities, refinancing agreements;
      • Legal Due Diligence;
      • Issued legal opinions for the purpose of starting financing.

     

    VEB. RF (State Development Corporation)

    • In 2018-2019 Azizov&Partners participated on behalf of the lender to finance the modernization of power plants in the framework of a credit line agreement signed between VEB.RF and the National Bank for foreign economic affairs of the Republic of Uzbekistan. The firm reproduced the following actions for this project:
      • Advised on financial documents, including state guarantees, facilities, refinancing agreements;
      • Legal Due Diligence;
      • Issued legal opinions for the purpose of starting financing.

     

    Western Union

    • In 2005-2012 Azizov & Partners advised the client on day-to-day legal matters, including on various banking law issues.

     

    Royal Bank of Scotland Group (Acquisition of ABN Amro Bank Uzbekistan)

    • In 2007-2008 Azizov & Partners advised the Royal Bank of Scotland Group in relation to acquisition of the branch bank in Uzbekistan, ABN Amro Bank NB Uzbekistan A.O. The project included advising on various regulatory and rights issues, as well as performing various mandatory filings and obtaining authorizations.

     

    Korean Development Bank (Acquisition of shares in UzDaewooBank)

    • In 2005 Azizov & Partners has assisted Korea Development Bank with acquisition of major shareholding in one of the Uzbek banks, UzDaewooBank (currently UZKDB Bank). The project included completion of legal due diligence of the bank and advising on various corporate and regulatory issues related to share purchase. The regulatory assistance included registration of the transaction with the securities institutions and the State’s governing body in the banking sector.

    © 2002-2024 Azizov & Partners, Firm of Advocates, is a non-commercial organization registered in the Republic of Uzbekistan (registration No. TN 000360) with its office at: 96A, Sharaf Rashidov Str., Yunusabad District, Tashkent 100084, Republic of Uzbekistan

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    Разработано Geldimurad Kurbanov