Xalq Banki

What Xalq Banki does

Xalq Banki (legally O'zbekiston Respublikasi aksiyadorlik tijorat Xalq banki) is a state-owned joint-stock commercial bank headquartered in Tashkent, Uzbekistan, operating the country's largest branch network with presence in all 14 regions through regional centers and Bank xizmatlari markazlari (BXM). The bank provides universal retail and corporate banking services including deposits, lending (education, auto, mortgage, microcredit, agricultural), payment cards (UzCard and Humo), currency exchange, and international money transfers, with primary customers spanning individual retail clients, women entrepreneurs, returning migrants, homebuyers, agricultural borrowers, and low-income populations targeted through government-mandated programs.

The bank operates a multi-channel distribution platform spanning physical branches, an ATM network, the Xazna retail and Xazna Business corporate mobile applications, a 24/7 contact center (1106), a Telegram support channel, and the oilakredit.uz online credit platform. Its technology stack incorporates an in-house AI laboratory (Al-lab) with 18 specialists that supports an AI Telegram chatbot (xazna_ai_bot), an AI web platform with STT/TTS and chatbot capabilities (ai.xazna.uz), a contact-center voice-bot processing 9,000 calls per day, a centralized Data Warehouse, an AI-integrated credit scoring system pulling from 8 organizational databases, and internal process-automation systems (Soft Collection, XB HelpDesk, XB Chat, electronic document circulation).

Revenue is generated principally through net interest income on lending (mortgages, education, auto, microcredit, agricultural), card-related fees (UzCard, Humo issuance and maintenance), transaction commissions (transfers, currency exchange), and state-mandated lending programs at subsidized rates. Pricing is unit-based for cards (e.g., 30,000 so'm for Humo/UzCard replacement) with exemptions for salary and welfare projects. Distribution is anchored by the state mandate role: Xalq Banki is the primary channel for government preferential lending programs (Ayollar daftari women's entrepreneurship, mortgage subsidies, agricultural and youth employment programs) and partners with Sberbank (Russia) for cross-border remittances, O'zagrolizing for agricultural leasing, and Paynet for cash-to-card payment services. Fitch affirmed the bank's BB/Positive rating in June 2026 and Moody's upgraded its deposit rating in July 2026.

Name

Xalq Banki

Legal name

O'zbekiston Respublikasi aksiyadorlik tijorat Xalq banki

Website

https://xb.uz

Company type

Private

Founded year

1875

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Xalq Banki is a state-owned commercial bank in Uzbekistan operating the country's largest nationwide branch network across all 14 regions, providing retail and corporate banking, lending, cards (UzCard/Humo), currency exchange, and government-mandated social lending programs.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180), Credit Intermediation and Related Activities (522)

SIC

National Commercial Banks (6021), State Commercial Banks (6022), Personal Credit Institutions (6141)

akta.pro primary industry

Lending & Credit Disbursements (FSAMAKAH)

Keywords

• Retail banking services
• Mortgage lending
• Consumer credit products
• Payment card services
• Currency exchange services

Headquarters

HQ city

Tashkent

HQ country

Uzbekistan

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Core banking revenue from interest charged on loan products including mortgages, education loans, auto loans, microcredits, and agricultural loans
2. Commission Income: Fees from card operations, money transfers, currency exchange, and other banking services
3. Card Services: Issuance and maintenance of UzCard and Humo payment cards, both domestic card schemes
4. Currency Exchange Operations: Currency buying and selling operations including exchange, conversion, and damaged currency services
5. Government Program Lending: Participation in state-mandated lending programs for agriculture, housing, women's entrepreneurship, and poverty alleviation with subsidized rates

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

Xalq Banki is a state-owned universal commercial bank providing retail and corporate banking products including deposits, consumer and mortgage lending (education, auto, mortgage, microcredit, agricultural loans), UzCard and Humo payment cards, currency exchange, and international money transfers. It also administers government-mandated social lending programs (women's entrepreneurship, youth employment, agriculture, housing) and operates the Xazna mobile banking app, Xazna Business corporate app, and AI-powered customer service channels.

Product overview

Xalq Banki operates a universal banking platform offering a broad portfolio of retail and corporate products accessible via web (xb.uz), mobile apps (Xazna for retail, Xazna Business for corporate), and extensive branch/ATM networks. The core lending suite includes education loans (Ta'lim krediti), auto loans (Avtokredit), mortgage loans (Ipoteka krediti), and microcredit (Mikroqarz). Card products include Uzcard and Humo debit cards for cashless payments. Currency services cover exchange, international remittances (including Sberbank partnership), and conversion. AI-powered customer service is delivered through xazna_ai_bot (Telegram), ai.xazna.uz (web platform with STT/TTS), and a contact center voice-bot handling up to 9,000 daily calls. Operational tools include XB HelpDesk, XB Chat, Soft Collection, and Data Warehouse systems.

Differentiator

Problem solved

Functional benefit

Brands

• Xazna: Mobile banking application for retail and corporate customers providing online banking, credit services, and AI-powered customer support (xazna_ai_bot, ai.xazna.uz platform).
• Oilakredit.uz
• xazna_ai_bot
• Xazna Business

Products and services

• Ta'lim krediti (Education Loan) Loan product for financing educational expenses including tuition and related costs, targeted at students and their families.
• Avtokredit (Auto Loan) Automobile financing loan product for purchasing vehicles, available to individual retail customers.
• Ipoteka krediti (Mortgage Loan) Home mortgage loan product for purchasing or constructing real estate, with government-supported programs including Ayollarga ko'mak, Farovon, Farovon plus, Imkon, Oilaviy, Yashil ipoteka, and Qulay.
• Mikroqarz (Microcredit) Small-scale credit product for micro-enterprise financing and individual business needs, available to retail customers.
• UzCard Kartasi (UzCard Payment Card) UzCard debit/credit card enabling cashless payments throughout Uzbekistan, valid for 5 years, with first issuance free for salary projects and 30,000 so'm replacement fee.
• Humo Kartasi (Humo Payment Card) Humo payment card enabling cashless payments in Uzbekistan with NFC contactless support, valid for 5 years at 30,000 UZS issuance/replacement fee, free for salary/welfare projects.
• Valyuta Ayirboshlash (Currency Exchange) Currency buying, selling, exchange of damaged banknotes, inkasso (collection of non-circulating currency), and currency conversion services. No documentation required for purchases up to 500x BHM (minimum wage); ID required above that threshold.
• Xalqaro Pul O'tkazmalari (International Money Transfers) International money transfer services including Sberbank (Russia), Western Union, and other international systems, plus 'Cash to card' withdrawal services available 24/7 via the Sberbank Online mobile app for over 5 million cardholders.
• Xazna (Retail Banking Mobile App) Mobile and web banking application for retail customers enabling access to loans, deposits, card management, currency exchange, and other banking services 24/7.
• Xazna Business (Corporate Banking App) Mobile and web banking application for corporate and business clients providing online credit, account management, and payment services with dedicated contact-center technical support.

Quantifiable outcome

• Stage 3 non-performing loans reduced to 5.2% at end-2025, down from higher previous levels
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability6 records

Feature11 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• O'zagrolizingcoreStrategic or Co-development Partner · 23 February 2026Credit agreement signed on January 28, 2026 for 51 billion soums as part of the Presidential decree on supporting entrepreneurship in Qoraqalpog'iston Respublikasi. The funds were placed into a credit account opened in the name of O'zagrolizing JSC.
• Tiklanish va taraqqiyot jamg'armasi (Recovery and Development Fund)coreStrategic or Co-development Partner · 28 November 2025Agreement signed on November 28, 2025 for 15 billion soums to support employment of higher education graduates. Xalq Banki acts as intermediary channeling funds for government-sponsored student employment support programs.
• Xalq lizingcoreStrategic or Co-development PartnerSubsidiary leasing company established by Xalq Banki that financed the construction of the 'Arda Xiva' tourist complex in Khiva's 'Sharq bozori' tourist complex under Resolution 83/5 dated 09.07.24
• Al-labcoreTechnology or IntegrationArtificial intelligence laboratory established within Xalq Banki with 18 qualified specialists developing AI solutions for customer service including chatbots, voice bots, and data analytics
• Sberbank (Russia)coreChannel Partner/ Reseller/ DistributorPartnership agreement enabling direct money transfers from Sberbank cards to Xalq Bank cards 24/7 through Sberbank Online mobile app. Reached over 5 million Xalq Bank cardholders. Facilitated 2.3 million transactions worth 2.65 trillion soums (14.6 billion rubles) in 2022.
• PaynetminorChannel Partner/ Reseller/ DistributorPayment service partnership enabling cash-to-card transfers and direct money transfers through Paynet agents, kiosks, and mobile application for any bank cards
• Central Bank of Uzbekistan (O'zbekiston Respublikasi Markaziy banki)coreOthersRegulatory oversight body; Xalq Banki collaborates on social program delivery including pension payments, social benefits, and online credit platform (oilakredit.uz) for government-mandated lending programs

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hamkorbank: One of the largest private commercial banks in Uzbekistan, offering retail and SME banking with comparable product suite (deposits, mortgages, cards, remittances). Useful benchmark for private-sector competition against state-owned Xalq Banki.
• Asakabank: State-owned Uzbek commercial bank, also part of the cohort of seven state-owned banks receiving Fitch's outlook revision to Positive. Comparable in scale, ownership, and product offering including retail deposits, lending, and government-mandated programs.
• Turonbank: State-owned Uzbek commercial bank (BB- rating from Fitch), part of the same cohort as Xalq Banki. Directly comparable in business model and government mandate, though smaller in scale.
• Kapitalbank: Major Uzbek commercial bank with nationwide presence offering deposits, lending, cards, and digital services. Comparable as a full-service domestic competitor, with one of the largest ATM and branch networks in the country.
• Agrobank: State-owned Uzbek commercial bank with strong agricultural lending focus, also benefiting from Fitch's BB Positive Outlook revision alongside Xalq Banki. Comparable as a state-owned peer with similar government-program exposure and nationwide branch coverage.
• National Bank of Uzbekistan (NBU): Another major state-owned commercial bank in Uzbekistan, operating under similar government mandate for social programs and serving retail and corporate customers across the country. Directly comparable in business model, ownership structure, and policy-driven lending focus.
• SQB (Savdogarbank/Qishloq Qurilish Bank): State-owned Uzbek commercial bank, also in the Fitch BB Positive Outlook cohort. Comparable as a state-owned universal bank with retail and SME focus and government-program lending exposure.

Broad incumbents

• Halyk Bank: Largest retail bank in neighboring Kazakhstan, offering a comparable universal banking suite including deposits, lending, cards, and digital channels. Useful regional benchmark for state-adjacent banking model in Central Asia with similar post-Soviet institutional heritage.
• Sberbank (Russia): Cross-border partner of Xalq Banki for remittances and a state-owned commercial banking giant. Comparable as a model for state-owned banking scale, digital transformation, and AI deployment in customer service.

Emerging players

• Uzum (fintech): Fast-growing Uzbek digital financial services platform offering cards, payments, BNPL, and consumer credit. Representative of the emerging fintech competition Xalq Banki faces on digital acquisition and retail lending in Uzbekistan.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/xalqbankinfo
• Facebookfacebook.com/xalqbankinfo
• LinkedInlinkedin.com/company/jsc-xalq-banki-of-the-republic-of-uzbekistan

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 Xalq Banki