National Bank of Uzbekistan

What National Bank of Uzbekistan does

The National Bank of Uzbekistan (NBU), legally JSC National Bank for Foreign Economic Activity of the Republic of Uzbekistan (O'zbekiston Respublikasi Tashqi Iqtisodiy Faoliyat Milliy Banki), is the largest state-owned commercial bank in Uzbekistan and is licensed by the Central Bank of Uzbekistan under License No. 22 dated December 25, 2021. Founded in 1991 and headquartered at 101 Amir Temur Avenue, Tashkent, NBU operates more than 100 branches nationwide and serves three core segments: retail individuals, SMEs, and corporate clients. Product coverage spans UZS-, USD-, and EUR-denominated deposits, mortgage and auto loans (including subsidized 0% rate programs with UzAuto Motors, KIA, and Chery), microloans, student loans, overdrafts, a National Green loan for renewable-energy equipment, gold bullion and gold-deposit investment products, and a full debit-card range from free UzCard and HUMO cards through to Mastercard World Elite, Visa Infinite, and a FIFA 2026 co-brand.

The bank's underlying technology stack is a standard core-banking platform supporting multi-currency operations, the iBank web platform for SME clients, and the Milliy (retail) and Milliy Business (SME) mobile applications that enable online account opening, deposits, transfers, currency exchange, microloans, and bill payments. NBU operates an extensive correspondent-banking network spanning Deutsche Bank, Commerzbank, J.P. Morgan, Citibank, Bank of New York Mellon, Credit Suisse, UBS, MUFG, SMBC, and major development institutions (China Exim, China Development Bank, KEXIM, ADB, IsDB, IFC, JBIC), with card and remittance integrations to Visa, Mastercard, UzCard, HUMO, Western Union, MoneyGram, Golden Crown (Золотая Корона), Asia Express, Contact, SWIFT, Garmin Pay, Visa Direct, and Mastercard Send, plus a government-mandated electronic escrow service tied to the Justice Ministry's notary system under Presidential Decree PF-246.

Economically, NBU makes money primarily through net interest margin on its loan book (107.5 trillion soums, 16.9% market share), supported by a 55.3 trillion soum deposit base (12% market share) and a 142.8 trillion soum balance sheet (14.5% market share) as of June 2026, supplemented by transaction-fee income from cards, acquiring (POS, internet, QR), money transfers, currency exchange, and trade finance instruments such as factoring and letters of credit. Distribution is omnichannel - 100+ branches, ATM network, Milliy and iBank digital channels, and direct sales supported by Telegram, Facebook, Instagram, Viber, and sponsorship of chess grandmaster Javokhir Sindarov. The bank is rated at the Uzbekistan sovereign level by Moody's (Ba2, upgraded July 2026) and Fitch/S&P (BB, 2025), with Fitch assigning a Positive outlook to NBU alongside six other state-owned banks in June 2026.

Name

National Bank of Uzbekistan

Legal name

JSC National Bank for Foreign Economic Activity of the Republic of Uzbekistan

Website

https://nbu.uz

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

501–1,000 employees

Short description

National Bank of Uzbekistan is the largest state-owned commercial bank in Uzbekistan, operating 100+ branches and a digital platform under the Milliy brand to deliver mortgages, auto loans, microloans, deposits, trade finance, and card services across retail, SME, and corporate segments.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

National Commercial Banks (6021), State Commercial Banks (6022), Foreign Governments (8888)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industries

Correspondent Banking (Nostro/Vostro & Agent Services) (FSABAJAA), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Retail banking
• Commercial lending
• Trade finance
• Deposit services
• Digital banking

Headquarters

HQ city

Tashkent

HQ country

Uzbekistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: The bank generates primary revenue from interest income on loans extended to retail (mortgage, auto, microloans, student loans), SME (business credit lines, trade finance), and corporate clients (factoring, letters of credit). Loans reached 107.5 trillion soums as of June 2026, representing 16.9% of the national total.
2. Deposit Taking and Interest Expense: The bank accepts deposits from individuals and businesses in UZS, USD, EUR, and other currencies, paying interest on savings and using the float for lending operations. Deposits stood at 55.3 trillion soums as of June 2026.
3. Fee and Commission Income: Commissions from card operations, money transfers (domestic and international via Western Union, MoneyGram, Золотая Корона, Asia Express, Contact, SWIFT), acquiring services (POS terminals), currency exchange, and account management services.
4. Trade Finance Services: Revenue from trade financing including letters of credit, factoring, and foreign currency operations for corporate clients engaged in international trade.
5. Gold and Precious Metal Products: Sale of gold bullion (5g to 100g bars at 999.9 purity) and gold/silver deposit products, providing investment products to retail clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels6 records

Core offering

National Bank of Uzbekistan (NBU) is a state-owned universal commercial bank offering retail banking (mortgages, auto loans, microloans, student loans, deposits, debit cards, money transfers, currency exchange), SME banking (current accounts, business loans, trade acquiring, factoring, salary projects), and corporate banking (letters of credit, dealing operations, cash pooling) to individuals, small businesses, and large corporations across Uzbekistan. It distributes services through over 100 physical branches and digital channels (Milliy mobile app, iBank internet banking, Milliy Business app), supported by an extensive correspondent banking network for international trade and foreign exchange.

Product overview

National Bank of Uzbekistan operates as a state-owned commercial bank offering a comprehensive platform of banking products and services across three main segments: retail individuals, small/medium enterprises (SME), and corporate clients. For retail customers, the bank provides mortgage loans (Ipoteka), car loans (Avtokredit), microloans, student loans, and overdraft facilities, alongside various deposit products including universal savings, currency deposits (USD, Euro), and investment products (Gold Deposit, Gold Bullion). The card portfolio spans UZCARD virtual cards, premium Mastercard tiers (World Elite, Platinum), Visa Infinite, and the FIFA 2026 commemorative card, with mobile payment integrations including Garmin Pay. Digital channels include the Milliy mobile app for comprehensive retail banking and iBank for SME internet banking. SME offerings encompass current accounts with multiple tariff tiers, Express loans, refinancing, youth entrepreneurship programs, trade acquiring (POS, internet, QR), factoring, and salary projects. Corporate services include trade financing (factoring, letters of credit), dealing operations for foreign exchange, cash pooling, and escrow accounts for property transactions.

Differentiator

Problem solved

Functional benefit

Brands

• Milliy (Mobile App): Mobile banking application providing full-fledged banking services including loans, deposits, money transfers, currency exchange, and bill payments.
• iBank
• National Green

Products and services

• Mortgage Loans (Ipoteka) Mortgage financing for purchasing residential property including preferential loans (from 16.5% p.a.), standard mortgages (from 21% p.a.), joint mortgages, partnership program mortgages, secondary market mortgages, and eco-renovation loans up to 170 million UZS. Targeted at retail/individual homebuyers.
• Car Loans (Avtokredit) Vehicle financing for new and used cars from 20% p.a. for up to 1 billion UZS with terms up to 60 months. Special subsidized programs for KIA, Chery, UzAuto Motors vehicles, and electric/hybrid vehicles. Targeted at retail/individual consumers.
• Microloans (Mikroqarz) Small consumer loans up to 100 million UZS for up to 60 months at rates from 24-25% p.a. Available online through the Milliy app for salary project participants and budget organization employees.
• Student Loans (Ta'lim Krediti) Education financing for university students at preferential rates from 14% p.a. with terms up to 162 months and grace period of study duration plus 6 months. Standard educational loans from 22% p.a. for 60 months. Targeted at higher education students.
• Overdraft Overdraft facility for salary project participants up to 100 million UZS at 20% p.a. (12-month term) or 22% p.a. (36-month term) with 2-month grace period.
• National Green Loan Green energy loans for purchasing renewable energy sources and energy-efficient equipment up to 70 million UZS at 20-22% p.a. for up to 60 months with 3-month grace period. For retail consumers.
• SME Loans Comprehensive SME lending including Express loans up to 10 billion UZS at 23% p.a., refinancing, Imkoniyat loans, Overdraft, Tezkor cash loans, working capital loans, equipment financing, business mortgage, auto loans, currency loans, and Youth entrepreneurship programs.
• Business Current Account Business current account with free service, commission-free NBU transfers, and iBank remote banking access. Multiple tariff packages (Super 0, Lite, Pro, Ultra, Oqsaroy, Pro International, Ultra International) for different business sizes. For SME clients.
• Factoring Trade financing service providing funding against receivables with deferred payment terms of 90-180 days, available for both domestic and international transactions with optional recourse/non-recourse options. For corporate clients.
• Letter of Credit Trade finance instrument for corporate clients facilitating international and domestic trade transactions with bank guarantees.
• Cash Pooling Intercompany cash management service for group companies enabling consolidated treasury operations. For corporate clients.
• Dealing Operations Foreign currency dealing operations for corporate clients engaged in international trade.
• Salary Projects Corporate salary disbursement service crediting employee salaries to their bank cards with special benefits for businesses and staff. For SME and corporate clients.
• Trade Acquiring (POS) Point-of-sale card acceptance service enabling merchants to accept card and QR code payments with free terminal installation and support for all card types across Uzbekistan. For SME merchants.
• Internet Acquiring E-commerce payment acceptance for websites, apps, and links enabling online merchants to receive card payments. For SME and corporate merchants.
• QR Payments QR code-based payment collection service for small merchants requiring no additional equipment. For SME merchants.
• Hamma Uchun (Universal) Deposit Flexible savings deposit with rates from 13-18% p.a. depending on term (1-18 months). Minimum deposit 100,000 UZS with monthly interest payments and top-up capability. For retail depositors.
• Vozmojno Vse (Everything Possible) Deposit Flexible deposit with partial withdrawal capability at 15% p.a. for 18 months with minimum 100,000 UZS and monthly interest payments. For retail depositors.
• Euro Deposit Euro-denominated deposit at 2% p.a. for 3-month terms with no minimum initial deposit and 0% early withdrawal penalty. For retail customers.
• Gold Deposit (Oltin Omonat) Investment deposit for gold bullion with purchases starting from 0.1g through the Milliy app without limits, with no interest but VAT-free gains based on LBMA gold prices. For retail investors.
• Gold Bullion by NBU Physical gold bullion in 5, 10, 20, 50, and 100 gram weights with 999.9 purity, each with certificate and serial number. Available for purchase at NBU branches. For retail investors.
• UZCARD Virtual Card Free virtual card for secure online shopping with free P2P transfers up to 3 million UZS, free issuance and servicing. For retail consumers.
• Mastercard World Elite Premium debit card for high-net-worth clients with unlimited lounge access via LoungeKey, travel insurance up to $1.5 million for the whole family, and up to 20% cashback at Mastercard partners worldwide.
• Visa Infinite Premium card offering exclusive comfort and privileges with 10 free Fast Track passes at Tashkent airport, travel insurance up to $2.5 million, and 24/7 concierge service.
• Visa FIFA 2026 FIFA World Cup 26 commemorative debit card with football-themed design, free P2P transfers up to 40 million UZS daily, 5% cashback at NBU Visa partners, and 60% cashback on public transport. Card valid for 5 years.
• Garmin Pay Contactless payment service enabling Visa card payments through Garmin devices (smartwatches and fitness trackers) at NFC-enabled terminals. For retail cardholders.
• International Money Transfers Cross-border money transfer services via Western Union, MoneyGram, Golden Crown, Asia Express, Contact, and SWIFT to countries including CIS, Japan, Malaysia, Israel, South Korea, Europe, China, UAE, Turkey, Georgia, USA, and Canada. For retail consumers.
• Currency Exchange Currency exchange services at bank branches, exchange points, and ATMs with favorable rates close to Central Bank rates. Supports USD, EUR, GBP, CHF, CNY, JPY, RUB, KZT, AED and other currencies. For retail consumers.
• Escrow Account Secure payment service for real estate and vehicle transactions as mandated by Presidential Decree PF-246. Enables electronic data exchange between notaries and banks for property/vehicle purchase settlements. For real estate and vehicle buyers.
• Milliy Mobile App Digital banking app enabling 24/7 full banking services including online identification, mortgage applications, microloans, deposits, currency exchange, transfers (MoneyGram, Visa Direct, Mastercard Send), bill payments, and virtual card issuance. For retail consumers.
• Milliy Business App Mobile banking application for business clients enabling account management, transfers, and financial operations for SMEs.
• iBank (Internet Banking) Free, modern internet banking platform for SME clients to manage business accounts online, make transfers, and access financial services remotely.

Quantifiable outcome

• Largest bank in Uzbekistan by assets with 14.5% market share
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration18 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core.

• Ministry of Economy and Finance of UzbekistancoreStrategic or Co-development Partner · 26 June 2026NBU participates in government housing and mortgage programs ranked by the Ministry, including preferential mortgage offerings and financing for the Aydar-Arnasoy Resort Complex sale
• Western UnioncoreChannel Partner/ Reseller/ DistributorInternational money transfer service available through NBU branches and Milliy app, enabling remittances to and from over 200 countries
• MoneyGramcoreChannel Partner/ Reseller/ DistributorInternational money transfer service available through NBU's Milliy app for cross-border remittances
• Золотая Корона (Golden Crown)coreChannel Partner/ Reseller/ DistributorInternational money transfer service for remittances within CIS countries, available through NBU
• VisacoreChannel Partner/ Reseller/ DistributorInternational payment network partnership for issuing Visa-branded cards (Classic, Gold, Platinum, Infinite, FIFA 2026) with co-branded promotions and cashback programs
• MastercardcoreChannel Partner/ Reseller/ DistributorInternational payment network partnership for issuing Mastercard-branded cards (Standard, Gold, Platinum, World Elite) with co-branded promotions and cashback programs including 'Gold Action' campaign
• UzCardcoreTechnology or IntegrationDomestic payment system partnership for issuing UzCard-branded debit cards and processing transactions through Uzbekistan's national payment infrastructure
• HUMOcoreTechnology or IntegrationDomestic payment system partnership for issuing HUMO-branded cards and processing transactions through Uzbekistan's national payment network

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Asaka Bank: Another major state-owned commercial bank in Uzbekistan offering retail, corporate, and trade finance products. Directly competes with NBU across deposits, lending, and government-mandated development programs within the same domestic market.
• Turonbank: Another Uzbekistan state-owned commercial bank included in Fitch's Positive outlook revision alongside NBU. Directly comparable in deposit-taking, retail lending, and serving sovereign and corporate clients domestically.
• Halyk Bank: Kazakhstan's largest universal bank with a similar state-linked shareholder base, broad retail/SME/corporate franchise, and leading market share. Closest Central Asian analogue to NBU's universal commercial banking model, scale, and product breadth.
• Qishloq Qurilish Bank (Agrobank): State-owned bank focused on agribusiness lending in Uzbekistan, also receiving Fitch's Positive outlook. Comparable to NBU's SME/agribusiness lending mandate via the MIGA-backed EUR 114M SME facility.
• National Investment Bank of Uzbekistan (NIB): Another Uzbekistan state-owned bank in corporate and project-finance lending. Comparable on government-mandated development finance and large-scale corporate/structured credit facilities to NBU's Letter of Credit and Trade Finance offerings.
• Ipoteka Bank: Uzbekistan's specialist mortgage and housing-finance bank, also state-owned, with overlapping mortgage, retail, and SME offerings. It competed head-to-head with NBU in the 2026 Ministry of Economy & Finance rankings for mortgage and housing construction financing.

Emerging players

• Kaspi.kz: Kazakhstan's leading super-app combining payments, e-commerce, and fintech. Functionally comparable to NBU's Milliy mobile-first retail and SME strategy and represents the type of digital-first competitor NBU will increasingly face in Uzbekistan.
• Korea Development Bank (KDB): State-owned Korean development finance institution that is both a comparable development-bank model and an active funding partner to NBU. Illustrates the institutional peer set NBU aspires to as a national development bank.
• TBC Bank (Georgia / Uzbekistan): Major Georgian bank that has expanded into Uzbekistan with TBC Bank UZ. Competes with NBU in retail and SME digital banking, illustrating the inbound private-sector and fintech competition in Uzbekistan's banking market.

Broad incumbents

• Türkiye İş Bankası: Turkey's largest universal commercial bank with a state-linked historical shareholder base, broad retail/SME/corporate franchise, and digital banking leadership. Useful comparable for NBU's universal banking scale and digitalization trajectory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xt.me/NBU_Uz_robot
• Facebookfacebook.com/uznbu
• Instagraminstagram.com/nbu.official

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Bank of Uzbekistan