The privatization of “Asaka” State Stock Commercial Bank by realization of 51% of shares by foreign investors is provided according to Decrees of President of the Republic of Uzbekistan dd. 15^th April 2005 # 56 “On measures on the following reforming and liberalization of bank system”, dd. 10^th July 2006 # ПП-407 “About development of denationalization and privatization processes in 2006-2008”, dd. 20^th July 2007 # ПП-672 “On measures on the following privatization processes and active attraction of foreign investments in 2007-2010” and dd. 7^th November 2007 # ПП-726 “On measures on the following development of bank system and attraction of available assets to the bank turnover”.

The responsible institution on “Asaka” bank privatization process conducting is the Agency on enterprises individual privatization (AEIP) under State Municipal Property of the Republic of Uzbekistan.

Protocol of State Bid Commission meeting dd. 08.08.2006 # 02-8-182 committed to Interagency work group of Complex of economy issues and Cabinet Council of the Republic of Uzbekistan together with State Municipal Property and “Asaka” SSCB within month to work on issue of attraction of international estimating company with introduction of appropriate proposals for commissions consideration. In pursuance of the present decision by Protocol of State Bid Commission meeting dd. 26.09.2006 # 02-8-182 “Conditions of competitive selection of estimating company by the assessment of 51% of shares of “Asaka” SSCB” were confirmed and it was committed to State Municipal Property to announce a competition in defined order on attraction of international-accepted estimating (audit) company for 51% of shares assessment.

By the protocol decision of State Bid Commission dd. 11^th May 2007 # 02-8-1 was announced a new competition on international-accepted estimating (audit) company attraction for 51% of shares assessment with term of bids supply to 5^th June 2007.

By the results of bid auctions, “BNP Paribas” Bank (France) has been announced as winner with which State Municipal Property of the Republic of Uzbekistan concluded the Contract for bank assessment on November 2007.

Activities on “Asaka” bank shares assessment were conducted at the first 2008 half year according to the conditions of the present contract. Within this process all necessary information was provided from “Asaka” bank to “BNP Paribas” bank address and business meeting and negotiations were conducted as well. Besides, “Asaka” bank successfully realized steps on total investment attraction development. Particularly, the main finance indications were developed; bank was awarded the international rating by “Fitch Rating” Rating Agency that is the highest in the country.

Assessment process termination was planned on March, 2008 according to “Plan-schedule on foreign investors’ means attraction to authorized fund of “Asaka” bank as for 2008” confirmed by Ministry of Finance, Central bank and State Municipal Property of the Republic of Uzbekistan.

At the present time BIPP under State Municipal Property of the Republic of Uzbekistan working under Bid documentation on 51% of “Asaka” bank shares realizing preparation terminating.

Bid announcing on shares realization is planned by the completing of defined steps.