JSCB HAMKORBANKStatus: Completed investment
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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.
|Total FMO financing
|USD 50.00 MLN
|USD 50.00 MLN
|USD 20.00 MLN
|USD 5.00 MLN
|EUR 0.01 MLN
|USD 15.00 MLN
|UZS 21524.20 MLN
|USD 5.00 MLN
- Website customer/investment
- Europe & Central Asia
- Financial Institutions
- Effective date
- End date
- Total FMO financing
- USD 30.00 MLN
- FMO NV
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)