Uzbekistan is rapidly establishing itself as Central Asia’s most attractive financial services market. Backed by strong macroeconomic indicators, bold structural reforms, a youthful, tech-savvy population, and an increasingly liberalized economy, the country offers one of the most compelling opportunities for investment in the broader Eurasian region.
For OTP Group, a leading banking group in Central and Eastern Europe, this strategic potential was a major factor in the decision to acquire Ipoteka Bank in 2023 — the largest foreign banking acquisition in Uzbekistan’s history.
A Growing Economy on the Move
Uzbekistan’s GDP has grown at a stable rate of 5–6% annually (except for the pandemic year 2020) over the past decade (6.5% in 2024, 6.8% in Q1 2025), with the World Bank projecting 5.8% and the Asian Development Bank projecting 6.6% growth for 2025. Economic modernization has been central to the government’s reform agenda since 2017. Under the New Uzbekistan 2022–2026 Development Strategy, the country is committed to market liberalization, digital transformation, and the privatization of state-owned enterprises, including banks.
Between 2017 and 2024, banking sector assets more than tripled, rising from $16 billion to $56.1 billion (real growth: 18% year-on-year compared to 2023). At the same time, lending to the private sector has accelerated, and digital transactions have grown by over 30% annually. These numbers point to a healthy appetite for credit, rising financial inclusion, and increasing competition.
Demographics: A Built-In Growth Engine
Uzbekistan has one of the youngest populations in the region: over 60% are under the age of 30. This generation is digitally fluent and quick to adopt new technologies. Internet penetration is 89%, and mobile phone usage among the population aged 10 and older is extremely high: more than 99%.
This readiness has triggered a surge in digital banking, mobile wallets, and QR-based payments. At Ipoteka Bank, we’ve seen rapid uptake of our mobile app offerings, particularly among retail clients and younger users. Uzbekistan is not just adapting to digital finance — it is leapfrogging to the future.
Why OTP Chose Uzbekistan
Uzbekistan reminded us of Eastern Europe in the early 2000s — on the cusp of transformation, with high potential and strategic scale. We see a market with over 37.5 million people, rising income levels, and increasing openness to foreign investment, with a reported 53.6% increase in 2024 alone. Moreover, OTP's acquisition of Ipoteka Bank aligns with our commitment to long-term value creation in transitional economies.
The partnership enables us to share OTP Group’s experience in digitalization, risk management, and governance, while supporting Ipoteka Bank’s ambitious transformation program — turning it into one of the country’s most innovative and customer-centric financial institutions.
A Market Ready for Smart Capital
Uzbekistan’s financial sector is at an inflection point. The government is privatizing major banks, strengthening regulatory frameworks, and welcoming foreign capital and expertise. For global investors, this is a rare opportunity to shape a market from the ground up.
With high GDP growth, favorable demographics, digital momentum, and a reform-oriented leadership, Uzbekistan offers more than promise — it offers a smart investment case.
In short: this is not just a market to watch — it’s a market to enter.
Sandro Rtveladze, CEO, Ipoteka Bank (OTP Group)
Adam Szentpeteri, Deputy CEO, Ipoteka Bank (OTP Group)