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

Hamkorbank ("the bank") is the largest privately-owned bank and the 8th largest bank in Uzbekistan, with ~5% market share measured by assets (USD ~850 million). With 42 branches and 168 mini banks, they operate a countrywide network. The bank's strategy is to focus on Micro, SME and retail customers. The bank is an existing customer of FMO since 2012.

What is our funding objective?

The loan will include an option for Hamkorbank to opt for local currency disbursement. The USD 30 million loan will be partly used (estimated USD 7.5m) to finance a combination of Youth and Agriculture Micro and SME customers of the bank, and the remainder will be used to finance general SME customers. This loan will partly contribute to FMO's Reducing Inequalities target.

Why do we fund this investment?

Reducing inequalities is at the heart of FMO’s strategy. This loan indirectly supports job creation and maintenance in Uzbekistan with a specific focus on Micro, Youth, Agri and general SMEs. Furthermore, this loan provides the bank with stable medium term funding (partly in UZS), which strengthens Hamkorbank's balance sheet.

What is the Environmental and Social categorization rationale?

Hamkorbank has been categorized as Category B in accordance with FMO’s Sustainability Policy. Hamkorbank’s activities are deemed to have potential, adverse environmental and social risks and/or impacts. As part of the deal, Hamkorbank will be required to apply the EDFI Exclusion List, Uzbekistan E&S laws and regulations and the IFC Performance Standards Framework for their identified Triggered Transactions. Hamkorbank are also required to implement an ESAP to improve their overall ESMS in line with Uzbekistan legislation and international best practice.

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Website customer/investment
Europe & Central Asia
Financial Institutions
Effective date
End date
Total FMO financing
USD 30.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)