IFC Converts Debt to Equity in Ipoteka Bank Privatization Push

The conversion follows years of advisory work aimed at overhauling the bank’s governance and operational strategy. Since the Uzbek government first engaged the World Bank’s private sector arm in 2016, the partnership has focused on shifting the lender away from its state-dominated roots. Now under the umbrella of Hungary-based OTP Group, the bank provides critical financing to energy, manufacturing, and telecommunications sectors, acting as a bridge for international capital.

Acting Chairman Adam Szentpeteri noted that the bank has successfully modernized its internal operations and service standards during this transition. For the IFC, this investment serves as a benchmark for broader economic reforms in the country. Regional Director Momina Aijazuddin stated that a competitive, private-led banking sector remains essential to expanding credit access and fostering long-term resilience across the Uzbek economy.