Further expansion of responsAbility portfolio in micro and SME finance
Private equity investment in Uzbekistan’s Hamkorbank
Zurich, 19 November, 2018 — A responsAbility-managed private equity company investing in financial institutions in emerging economies has acquired a 7.66% share in Hamkorbank. The largest private bank in Uzbekistan serves micro, small and medium-sized enterprises across the country and is preparing for a next stage of growth.
The responsAbility-managed shareholding company has purchased the stake in Hamkorbank from IFC, a member of the World Bank Group. Following the sale of approximately half of the shares held by IFC before the transaction, IFC remains an active shareholder in Hamkorbank and will continue to support the bank’s development.
“We are delighted to welcome responsAbility as our new shareholder and are proud that another reputable investor has demonstrated its confidence in Hamkorbank,” said Ikram Ibragimov, founding shareholder and Chairman of the Supervisory Board of Hamkorbank. “We look forward to continuing to provide high-quality financial services and to growing with our customers.”
“responsAbility is excited to join IFC as a shareholder in Hamkorbank and to support the bank’s inclusive finance and sustainable banking solutions offered to valued micro, small, and medium-sized enterprises across Uzbekistan. We believe that Hamkorbank’s national presence, strong brand, and highly capable team position it well to continue to grow and prosper in a time of swift policy change and economic development in Uzbekistan,” said Michael Fiebig, Head of Financial Institutions Equity at responsAbility.
“IFC is glad to introduce to the bank’s shareholding a like-minded private-sector investor with a development goal and objective to support the expansion of Hamkorbank’s banking services for smaller businesses, including in the country’s rural areas and Fergana valley where the bank has a strong presence,” said Cassandra Colbert, IFC’s Regional Manager for Central Asia.
responsAbility Investments AG
Ulli Janett, Media Relations
+41 44 403 06 33
ulli.janett [at] responsAbility.com
Phone: +996 559 758530
kybyshova [at] ifc.org
b.farmankulov [at] hamkorbank.uz
About Hamkorbank (www.hamkorbank.uz)
Joint Stock Commercial Bank with Foreign Capital Hamkorbank is the largest private bank in Uzbekistan. Over 27 years the bank has expanded its branch network and transformed into a nation-wide financial institution covering all administrative regions of Uzbekistan and offering more than 50 financial products and services. For more information, visit www.hamkorbank.uz
About IFC (www.ifc.org)
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
About responsAbility Investments AG (www.responsAbility.com)
responsAbility Investments AG is a leading asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional and public investors. The company supplies debt and equity financing to firms in emerging economies. responsAbility currently has USD 3 billion of assets under management invested in over 540 companies in 90 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA. For more information, visit www.responsAbility.com