A delegation from Uzbekistan, led by Prime Minister Abdulla Aripov, paid an official visit to the Hong Kong Special Administrative Region on May 6. During the trip, the National Bank for Foreign Economic Activity of Uzbekistan (NBU) and China International Capital Corporation (CICC) signed a mandate agreement. The document provides for the issuance of 'dim sum' bonds denominated in Chinese yuan worth 1.5 billion (equivalent to $220 million) on the Hong Kong Stock Exchange.
The signing took place on the sidelines of the first Uzbekistan-China Economic Forum in Hong Kong, which brought together representatives of government agencies, financial institutions, and business circles from both countries. NBU became the first commercial bank in Uzbekistan to reach an agreement with CICC on cooperation in organizing bond placements on international capital markets in Chinese yuan.
The agreement lays the groundwork for the debut entry of Uzbek corporate borrowers into the Chinese debt capital market and reflects the parties' intention to develop this instrument based on mutual long-term interests. The final decision on the placement will be made taking into account market conditions, the geopolitical situation, and interest rate dynamics.
NBU has been an active participant in the international capital market since 2020. To date, the bank has issued bonds three times on the London and Vienna stock exchanges. The total amount of funds raised was $1.13 billion equivalent, including issues in dollars ($900 million) and Uzbek soms (2.9 trillion soms).
The signed agreement aims to expand NBU's access to the Chinese capital market, one of the world's largest sources of long-term financing, and to develop partnerships with leading Chinese financial institutions, including Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, Industrial Bank Co., Ltd., China Construction Bank, and China Minsheng Bank.
The agreement was signed as part of the implementation of the State Investment Program for 2026, under which NBU is tasked with attracting credit lines from international financial institutions totaling $1.5 billion equivalent.
Earlier, an NBU working group, supported by CICC, held a series of meetings with major Chinese financial institutions and institutional investors in a Non-Deal Road Show format. The events were attended by representatives of over 20 leading Chinese financial institutions, including Bank of Communications, Industrial Bank of China, CMBC Capital, Ping An Securities, Haitong International, as well as asset managers Value Partners, Fountainhead, Arkkan, L&R, Lux Aeterna, and Enhanced Investment Products.
In addition, meetings were held with a number of international institutional investors, including T. Rowe Price, Ninety One, Brevan Howard, Pictet, and TT International. During the meetings, macroeconomic reforms in Uzbekistan under the 'Uzbekistan-2030' strategy, NBU's financial results for 2025, the bank's development strategy, and plans for further entry into international capital markets were presented.
Investors expressed high interest in potential NBU placements in Chinese yuan and gave high praise to the economic reforms being carried out under the leadership of the President of Uzbekistan. Developing cooperation with Chinese financial institutions, including CICC, is a key element of the strategy to diversify sources of international financing and expand access to global capital markets.
For reference: NBU was founded in 1991 and is the largest systemically important bank in the country. As of the end of 2025, the bank's assets exceeded $12 billion, the loan portfolio reached $9 billion, total capital exceeded $1.6 billion, and net profit amounted to $160 million, one of the highest figures in the republic's banking system.
CICC, founded in 1995, is a pioneer of modern investment banking in China and plays a key role in the development of the national capital market, acting as a bridge between Chinese and international investors. As of the end of 2024, CICC's total assets amounted to $92.4 billion, equity capital to $16 billion, and net profit to $777 million.
Source: podrobno.uz