Ipoteka Bank OTP Group Strengthens Partnership with IFC Through Loan-to-Equity Conversion
Ipoteka Bank OTP Group has completed the conversion of an IFC loan into equity, marking a new milestone in its long-standing partnership with IFC.
The transaction reflects IFC’s support for Uzbekistan’s privatization agenda and the development of a more competitive banking sector with greater private sector participation.
Tashkent, Uzbekistan, June 18, 2026 — Ipoteka Bank OTP Group and IFC, a member of the World Bank Group, announced the completion of the conversion of an IFC loan into the Bank’s equity. The transaction marks a significant milestone in the long-term partnership between the two institutions and reaffirms IFC’s support for the continued transformation of Uzbekistan’s banking sector.
This investment reflects IFC’s decade-long partnership with Ipoteka Bank OTP Group, which began in 2016 at the invitation of the Government of Uzbekistan to support the privatization of state-owned banks. Following an advisory services agreement signed in 2017, IFC supported the Bank in strengthening its corporate governance, strategy, and privatization readiness.
In parallel, IFC provided a $35 million pre-privatization convertible loan, with conversion contingent on Ipoteka Bank OTP Group meeting agreed transformation milestones. Having successfully delivered on its transformation commitments, the Bank has now completed the conversion of the loan into equity, marking an important milestone in this long-term cooperation.
The project supports IFC’s strategic commitment to Uzbekistan’s privatization agenda and its efforts to catalyze private investment in a banking sector where state ownership has historically played a significant role. It also contributes to the development of a more competitive and market-oriented financial system.
Ipoteka Bank OTP Group is part of OTP Group, one of the leading, independent financial groups in Central and Eastern Europe. By supporting key sectors including energy, industry, construction, transport, and telecommunications, Ipoteka Bank OTP Group and OTP Group contribute to sustainable economic growth in Uzbekistan and help attract global capital to the country.
Adam Szentpeteri, Acting Chairman of the Management Board of Ipoteka Bank OTP Group, said:
“For Ipoteka Bank OTP Group, this is an important milestone in our long-term partnership with IFC. Over the past years, the Bank has undergone a significant transformation: we have strengthened corporate governance, modernized our operations, improved the quality of customer service, and expanded our contribution to Uzbekistan’s economic development. IFC has supported us at different stages of this journey — as an advisor, a financial partner, and now as an equity partner. We highly value this trust and look forward to further developing our cooperation for the benefit of our customers, businesses, and Uzbekistan’s financial sector.”
Momina Aijazuddin, IFC Regional Industry Director for the Financial Institutions Group, Middle East, Türkiye, and Central Asia, said:
“Uzbekistan’s banking sector is undergoing a remarkable transformation, and it is deeply rewarding to see a decade of IFC’s efforts reflected in this equity conversion. A stronger and more competitive Ipoteka Bank OTP Group means greater access to finance for businesses across Uzbekistan, and with it, the potential to create jobs and expand economic opportunity. We look forward to deepening our partnership with the Bank as it enters this next chapter in service of the people and businesses of Uzbekistan.”
About Ipoteka Bank OTP Group
Ipoteka Bank OTP Group is a large universal financial institution with extensive experience in mortgage lending, housing finance, and trade finance. The Bank serves more than 3 million customers, manages assets of over $4.5 billion, and provides a wide range of banking services through a developed network of more than 90 branches and service points, ensuring broad geographic coverage across Uzbekistan.
For more information, visit: www.ipotekabank.uz
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About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
For more information, visit: www.ifc.org.
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