Project detail - JSCB HAMKORBANK


Status: Completed investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

OJSC Hamkorbank (HB), founded in 1991, is a privately owned bank in Uzbekistan with its headquarters in Andijan. The bank has over 1700 employees and currently operates 27 branches and 150 mini-banks in almost all regions and major cities in Uzbekistan. HB is a universal bank, serving a wide range of clients with a complete range of financial products, including lending for various purposes, deposit taking, money transfer services, foreign exchange, letters of credit and savings. Financing to small- and medium-sized enterprises (SMEs) is core to HB's lending operations. HB has a B2 (stable) rating from Moody's and a B- from Fitch Ratings.

What is our funding objective?

FMO has provided HB with a US$13 million loan. The facility will be used for on-lending to local micro-sized enterprises and SMEs.

Why do we fund this investment?

For many years Uzbekistan and the Uzbek financial sector in particular have been relatively isolated from the international financial system. As such, US dollar funding is rather scarce in the local market. Local companies require dollars to purchase capital goods and supplies abroad. FMO's loan is a means for HB to meet local demand and provide dollar funding to local companies, which will further benefit their development, growth and economic relevance.

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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
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