Under the chairmanship of the Agency for Strategic Reforms under the President of the Republic of Uzbekistan, a seminar was held on the topic of transformation of the financial and banking systems of Uzbekistan, organized with the participation of leading experts and partners of the consulting company Boston Consulting Group (BCG), led by the head of the Caspian and Central Asian regions. Senior officials of the Central Bank of Uzbekistan, the Ministry of Investment, Industry and Trade, the Fund for Reconstruction and Development of Uzbekistan (FRUD), as well as heads of commercial banks in the country took an active part in the seminar.
It was noted that countries that did not begin to rehabilitate state-owned commercial banks along with the reform of the entire financial system (Greece, Japan, Italy) after the crises of 1998 and 2008 had too volatile financial markets, which led to a significant outflow of capital and an increase in the degree of speculativeness market, reducing the capital of banks and their income base. And, conversely, countries that began to carry out reforms to transform the system of financial regulation of commercial banks since 1999 (Spain, Ireland) have achieved great success in ensuring market stability and the influx of foreign investment.
Accordingly, the transformation of the banking sector of Uzbekistan acts as a pillar for the transformation of the entire state financial system, since issues of investment and trust in the financial system as such are reflected in trust in banks.
The transformation of the banking sector of Uzbekistan, especially banks with state shares, is a priority task to strengthen their
competitiveness and efficiency. During the meeting, the following key areas were highlighted:
• Digitalization – transition to digital platforms to improve customer service and internal processes.
• Improving corporate governance – introducing the world’s best management and control practices to increase transparency and accountability.
• Asset restructuring – revaluation and optimization of assets to improve financial health.
• Development of new products – creation of innovative financial products that meet modern market requirements.
Possible role of BCG in the transformation of the banking sector of Uzbekistan:
Boston Consulting Group is a global leader in business consulting with significant experience in implementing projects to transform the banking sector. The company is known for its innovative approaches to solving complex problems and its ability to adapt global trends to the conditions of a particular country.
BCG has extensive experience working with financial institutions in various countries, which allows us to deeply analyze and apply best practices and technologies in the transformation process. Company experts shared cases of successful transformation of state-owned banks in other countries, emphasizing the importance of deep structural changes and the need to integrate new technologies.
The meeting with BCG experts became a platform for exchanging experiences and determining strategic directions for the development of banks in Uzbekistan. The participants agreed on the need to create working groups to detail the solutions developed and plan specific steps to implement the proposed changes. Cooperation with BCG opens up new prospects for accelerating transformation processes in the banking sector of Uzbekistan, which will contribute to its further sustainable development and integration into the global financial system. 