Eurasia Bank terminates operations in Uzbekistan

In accordance with Resolution No. 22/1 of the Board of the Central Bank of Uzbekistan dated August 27, 2025, the license of the joint-stock company “Eurasia Bank” to conduct banking operations in Uzbekistan has been revoked, the Central Bank reported.

The decision was made because the bank’s authorized capital did not meet the minimum legal requirements and it failed to comply with other regulations governing banks and banking activities.

“In accordance with the laws ‘On the Central Bank of the Republic of Uzbekistan,’ ‘On Banks and Banking Activities,’ and other legislative acts, a decision has been made to liquidate the bank and appoint a liquidation commission,” the statement said.

Eurasia Bank also issued a statement, explaining that the closure of its Uzbek operations was a logical step following a previously adopted strategic decision to focus on business development in Kazakhstan.

“The termination of investments in Uzbekistan was approved by the Board of Directors well before the regulator’s official notification. Focusing on the Kazakh market will allow the bank to launch new projects and strengthen its position in key segments for customers and partners,” the bank’s press release stated.

For reference, Eurasia Bank was founded in Kazakhstan in 1994, with its headquarters in Almaty. The bank received its license to operate in Uzbekistan in January 2024. As of August 1, 2025, its deposit and loan portfolios stood at zero, and its capital amounted to 104 billion soums—five times lower than the required minimum. The bank reported a loss of 51.6 billion soums in the first half of 2025.