Regulation on the Procedure and Conditions for Granting Permission for Banking Activities

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on June 30, 2020, registration number 3252

Date of entry into force

October 1, 2020

All

July 20, 2026

January 7, 2026

November 24, 2025

April 25, 2025

June 25, 2024

February 13, 2024

June 5, 2023

January 25, 2023

October 5, 2022

July 28, 2021

October 1, 2020

View

Russian Uzbek Uzb Uzb|Russian

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues] [ TSZ: 1. Finance / Currency Regulation. Precious Metals (Stones)]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Approval of the Regulation on the Procedure and Conditions for Granting Permission for Banking Activities

[Registered by the Ministry of Justice of the Republic of Uzbekistan on June 30, 2020, registration number 3252]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Banks and Banking Activity", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Approve the Regulation on the Procedure and Conditions for Granting Permission for Banking Activities as per the Appendix.

2. This resolution enters into force three months after the date of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent,

May 25, 2020,

No. 12/1

APPENDIX

to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 25, 2020, No. 12/1

REGULATION

on the Procedure and Conditions for Granting Permission for Banking Activities

See previous edition.

This Regulation establishes the procedure and conditions for granting permission for banking activities, including Islamic banking activities, prior approval of the entry into office of the bank's executive officers, opening and closing of its separate divisions, registration of changes and additions to its charter, reorganization and liquidation of the bank.

(Introduction in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

SECTION I. REGISTRATION OF BANKS IN THE STATE REGISTER AND ISSUANCE OF LICENSES

CHAPTER 1. GENERAL PROVISIONS

See previous edition.

Section 1. Applicability of this Regulation and Requirements for Documents Submitted to the Central Bank of the Republic of Uzbekistan

(The title of paragraph 1 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

See previous edition.

1. Unless otherwise provided by this Regulation:

the rules established by this Regulation for banks apply to microfinance banks, banks carrying out Islamic banking activities, and microfinance banks carrying out Islamic banking activities;

the rules established by this Regulation for microfinance banks also apply to microfinance banks carrying out Islamic banking activities.

(Paragraph 1 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

11. The following main concepts are used in this Regulation:

the stable financial condition of a bank — a state reflecting the sufficiency of funds to maintain the proportionality of the bank's financial flows, solvency, liquidity, and profitable activity, as well as the compliance with all prudential norms by the bank;

indirect owner — a person owning shares of a bank through another person controlled by them;

Islamic banking activity — banking activity carried out in accordance with the legislation on banks and banking activity and Islamic finance standards;

intended acquisition — a decision made by a potential borrower to acquire shares of a bank or increase their decisive ownership in them;

control — mutual relations corresponding to one of the criteria specified in Part 3 of Article 19 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity";

ultimate beneficial owner — an individual who is a legal entity, directly or indirectly owning or controlling the potential borrower of bank shares or the person directly or indirectly owning such shares;

potential borrower — a person or group of persons acting jointly who intend to acquire bank shares directly or indirectly, including as an ultimate beneficial owner;

executive officer — a person elected (appointed) to one of the positions specified in paragraph 77 of this Regulation;

decisive ownership — direct or indirect ownership of at least five percent of the charter fund (charter capital) of a legal entity as a result of one or several transactions by a person or a group of persons acting jointly;

foreign bank — a legal entity registered in the territory of a foreign state, considered a bank in accordance with the legislation of that foreign state.

(Paragraph 11 introduced based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

2. Applications and other documents submitted to the Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank) in accordance with this Regulation are submitted in paper form or electronically through the information and communication system with an electronic digital signature.

In this regard, documents submitted in paper form and consisting of more than one page must be described page by page, stitched, numbered, and signed. Annual financial reports (including consolidated balance sheets, profit and loss statements, and other forms of financial reports), as well as audit opinions confirming the accuracy of financial reports, may be submitted in the form of brochures printed by offset printing.

At the request of the Central Bank, separate documents must be submitted in electronic form.

A notification regarding the decision made on an application submitted in electronic form is sent to the applicant in electronic form through the information and communication system.

Documents submitted by foreign applicants in accordance with this Regulation are certified by the consular institution of the Republic of Uzbekistan located in the place where the applicant is registered, or by other consular institutions, except for the documents specified in paragraphs 1 to 5, 8, and 10 to 13 of paragraph 20 of this Regulation.

A person who has applied to the Central Bank with an application in accordance with this Regulation is considered the applicant.

(Paragraph 2 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

3. If an application submitted in accordance with this Regulation is withdrawn or its satisfaction is denied, the documents submitted to the Central Bank by the applicant are not returned.

4. Documents submitted in accordance with this Regulation are submitted in compliance with the requirements of the Law of the Republic of Uzbekistan "On the State Language".

Section 2. Bank Founders and Shareholders. Charter Capital of a Bank

5. Residents who are legal and natural persons, as well as non-residents, may be founders and shareholders of a bank.

See previous edition.

6. The State, through the Ministry of Economy and Finance of the Republic of Uzbekistan, as well as other state organizations based on the resolutions of the President of the Republic of Uzbekistan, may be a founder and shareholder of a bank. Enterprises and organizations owned by the state, if more than fifty percent of the charter fund (charter capital) is owned by them, cannot be founders and shareholders of a bank, unless otherwise provided by legislative acts.

(Paragraph 6 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 26, 2023, No. 14/11 (registration number 3252-3, 05.06.2023) — , 05.06.2023, No. 10/23/3252-3/0330)

7. The total share of natural persons who are non-residents and legal entities that are not international financial institutions, foreign banks, or other credit organizations must not exceed fifty percent of the bank's charter capital.

For the purposes of this requirement, other credit organizations are understood as:

holding companies (management companies) established for the purpose of managing companies carrying out the types of financial activities specified in paragraph 8 of this Regulation;

legal entities carrying out one of the types of financial activities specified in paragraph 8 of this Regulation based on a license (permit) of the authorized state body and having consolidated control in the state where they are located (registered).

8. For the purposes of this Regulation, the following activities are considered types of financial activities:

banking activity, including Islamic banking activity;

(The second bullet point of paragraph 8 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

microfinance activity;

insurance activity;

leasing activity;

refinancing of mortgage activity.

See previous edition.

9. Legal entities that are founders (shareholders) of a bank must be registered in accordance with the procedure established by legislative acts and have been operating for at least one year.

(Paragraph 9 in the edition of the Order of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021, No. 16-mh (registration number 3313, 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

See: Resolution of the Cabinet of Ministers No. 66 dated February 9, 2017 "On Measures for Implementation of the Resolution of the President of the Republic of Uzbekistan No. PQ-2646 dated October 28, 2016 'On Improving the System of State Registration and Accounting of Business Entities'".

See previous edition.

10. The following persons cannot be founders and shareholders of a bank:

(The first bullet point of paragraph 10 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 26, 2023, No. 14/11 (registration number 3252-3, 05.06.2023) — , 05.06.2023, No. 10/23/3252-3/0330)

persons who do not meet the requirements of Chapter 2 of Section II of this Regulation;

See previous edition.

(The third bullet point of paragraph 10 introduced based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 26, 2023, No. 14/11 (registration number 3252-3, 05.06.2023) — , 05.06.2023, No. 10/23/3252-3/0330)

natural and legal persons who have not confirmed the legality of the sources of funds directed to form the charter capital of the bank or acquire its shares in the manner established by the Central Bank;

See previous edition.

natural and legal persons who have restrictions or prohibitions on owning bank shares in accordance with the legislative acts of the Republic of Uzbekistan or the legislative acts of a foreign state;

(The fifth bullet point of paragraph 10 in the edition of the Order of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021, No. 16-mh (registration number 3313, 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

public associations and religious organizations, public funds, non-governmental non-profit organizations, and off-budget funds.

See previous edition.

legal entities registered in a state or territory that does not provide for a preferential tax regime and (or) does not provide for the disclosure of the identity of the ultimate beneficial owner and the submission of information during the conduct of financial operations, and natural persons residing in such a state or territory (except for legal and natural persons who have purchased bank shares on foreign fund markets).

Persons specified in the second to fifth bullet points of this paragraph cannot indirectly own bank shares.

(Paragraph 10 supplemented with bullet points based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 26, 2023, No. 14/11 (registration number 3252-3, 05.06.2023) — , 05.06.2023, No. 10/23/3252-3/0330)

11. Bank founders are not entitled to exit the composition of bank shareholders for one year from the date of the bank's registration.

12. The minimum amount of the bank's charter capital and the procedure for its formation are established by the Law of the Republic of Uzbekistan "On Banks and Banking Activity".

Section 3. Requirements for the Name of a Bank

See previous edition.

13. The name of a bank must comply with the requirements of legislative acts on banks and banking activity and on firm names.

(Paragraph 13 in the edition of the Order of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021, No. 16-mh (registration number 3313, 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

See: Laws of the Republic of Uzbekistan "On Banks and Banking Activity" and "On Firm Names".

14. A bank uses the name specified in its charter as its firm name. A bank is not entitled to refer to itself by a name different from that specified in its charter in any documents, announcements, or advertisements.

15. The use of names of populated places, including words indicating the bank's full or partial affiliation with such populated places, in the firm name of a bank is permitted in the following cases:

if the bank founders (shareholders) owning fifty percent or more of the total bank shares have the right under the legislative acts of the state where they are located to conduct business and participate in any organizations using the names of such populated places. In this case, they must provide a written confirmation from the authorized state body of the state where they are located regarding the permission to use the names of such populated places, including words indicating the bank's full or partial affiliation with them, in accordance with legislative acts, or a written confirmation from this body that such a permit (confirmation) is not required by legislative acts.

if the name used corresponds to the firm name of a legal entity registered and founded in the state where it is located, or to a registered trademark.

(The second and third bullet points of paragraph 15 in the edition of the Order of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021, No. 16-mh (registration number 3313, 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

The use of other geographic names (Eurasia, Europe, Asia, etc.) in the firm name of a bank is permitted if the main economic activity of legal entities that are bank founders (shareholders) owning fifty percent or more of the total bank shares is carried out in a significant part of the territory indicated.

See previous edition.

If, as a result of changes in the composition, status, or share of bank shareholders, the requirements of this paragraph are not met, the bank must, without fail within 6 months from the date the situation arose, change its firm name and submit documents to the Central Bank for registration of the corresponding changes to the bank's charter in the manner established in Chapter 4 of Section V of this Regulation.

(The fifth bullet point of paragraph 15 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

CHAPTER 2. ESTABLISHMENT OF A BANK. PROCEDURE FOR LICENSING A BANK

Section 1. Establishment of a Bank

See previous edition.

16. When a bank is established by two or more persons, the founders hold an inaugural meeting and sign an agreement on establishment. If a bank is established by one founder, the decision on the establishment of the bank is made individually by that founder.

These actions are carried out by the founders (founder) in compliance with the requirements of legislative acts on banks and banking activity and other legislative acts regulating the activity of joint-stock companies.

(Paragraph 16 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

17. Founders appoint one or more persons authorized to represent their interests in the establishment of a bank at the Central Bank. The powers of these persons are determined by the establishment agreement.

See previous edition.

18. A bank carries out its activities based on a license granting the right to carry out banking activity and (or) a license granting the right to carry out Islamic banking activity, issued by the Central Bank in accordance with the legislative acts of the Republic of Uzbekistan, its charter, and this Regulation (hereinafter in the text referred to as the relevant license (licenses) for banking activity).

(Paragraph 18 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

19. The procedure for licensing banks consists of two stages:

issuance of preliminary permission for the establishment of a bank by the Central Bank;

registration of the bank in the state register simultaneously with the issuance of the relevant license (licenses) for banking activity.

(The third bullet point of paragraph 19 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

Section 2. Documents Submitted for Obtaining Preliminary Permission for the Establishment of a Bank

See previous edition.

20. To obtain preliminary permission for the establishment of a bank, the applicant submits an application to the Central Bank in the form specified in Appendix 1 to this Regulation within three months from the date of the decision to establish the bank, and attaches two copies of the following:

(The first bullet point of paragraph 20 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

See previous edition.

1. the establishment agreement, if the bank is established by two or more persons;

(The first sub-paragraph of paragraph 20 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

See previous edition.

2. the decision on the establishment of the bank. In cases where the bank is established by two or more founders, a copy of the minutes of the inaugural meeting certified by the Chairman of the Board of Directors of the bank is submitted;

(The second sub-paragraph of paragraph 20 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

3. the charter of the bank, approved by the founders and signed by the Chairman of the Board of Directors of the bank;

4. the list of founders, certified by the Chairman of the Board of Directors of the bank, in accordance with Appendix 2 to this Regulation;

5. financial reports for the last three years, certified by an audit organization, for legal entities that are founders;

See previous edition.

6. information on each direct and indirect founder with decisive ownership, including the ultimate beneficial owner, in accordance with sub-paragraphs 1 to 4 and 6 of paragraph 43 of this Regulation. In the absence of persons with decisive ownership, information on direct and indirect founders, including ultimate beneficial owners, who hold the largest shares in the bank's charter capital, with a total share of at least fifty percent.

(The sixth sub-paragraph of paragraph 20 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

7. a document confirming the powers of the applicant to represent the interests of the founders in the establishment of the bank at the Central Bank;

See previous edition.

8. information confirmed by documents on the sources of funds to be contributed to form the bank's charter capital;

(The eighth sub-paragraph of paragraph 20 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

See previous edition.

9. documents specified in sub-paragraphs 5 to 10 of paragraph 107 of this Regulation regarding members of the Board of Directors and the Management Board of the bank;

(The ninth sub-paragraph of paragraph 20 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022, No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

10. the organizational structure of the bank;

11. the draft regulation on the internal audit service of the bank;

12. the bank's business plan for the next three years, including the strategy, directions, scale, and financial prospects of the bank's activities, and other information in accordance with Appendix 3 to this Regulation;

See previous edition.

13. copies of draft projects of the bank's credit (financing), investment, and issuance policies, as well as draft projects of risk management and internal control policies, which are to be subsequently approved by the Board of Directors of the bank.

(The thirteenth sub-paragraph of paragraph 20 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

(The fourteenth sub-paragraph of paragraph 20 introduced based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024, No. 17/21 (registration number 3252-4, 24.06.2024) — , 25.06.2024, No. 10/24/3252-4/0443)

See previous edition.

201. To obtain preliminary permission for the establishment of a bank carrying out Islamic banking activities, the applicant additionally submits the following documents specified in paragraph 20 of this Regulation:

draft regulations on the bank's Islamic Finance Council, the special division for Islamic finance issues, and the internal audit of Islamic finance;

draft policy on compliance with Islamic finance standards;

documents specified in sub-paragraphs 5 to 10 of paragraph 107 of this Regulation regarding members of the bank's Islamic Finance Council.

(Paragraph 201 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

202. The minutes of the inaugural meeting or the decision made individually by the founder on the establishment of the bank must include decisions on the establishment of the bank, determining the amount of the bank's charter capital, approving the bank's charter, organizational structure, and business plan, electing (appointing) members of the Board of Directors and the Management Board of the bank, and, in the event that the bank carries out Islamic banking activity — electing members of the bank's Islamic Finance Council.

(Paragraph 202 in the edition of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026, No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

203. Copies of the founding agreement or the sole decision of the founder on the establishment of the bank, with the signatures of natural persons therein certified by a notary or another official authorized to perform notarial acts.

204. The policy on compliance with Islamic finance standards must at least include:

• the importance of ensuring compliance with Islamic finance standards in the conduct of Islamic banking activities;

• the process of ensuring compliance with Islamic finance standards in the conduct of Islamic banking activities;

• the duties and responsibilities of the bank's governing bodies, the Islamic finance council, the special department for Islamic finance issues, and the internal audit for Islamic finance in ensuring compliance with Islamic finance standards;

• the procedure for disposing of income that does not comply with Islamic finance standards, including their allocation for charitable purposes;

• measures to ensure accountability, transparency, and openness;

• the procedure for conducting an external audit of Islamic finance.

(Paragraphs 203 and 204 were introduced on the basis of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

21. If the documents and information submitted by the applicant, specified in paragraphs 2 and 3 of this Chapter, are insufficient for the Central Bank to make a decision on granting a preliminary license to establish a bank, the Central Bank has the right to request additional documents and information necessary for making such a decision.

(Paragraph 21 is in the edition of Resolution No. 9/1 dated April 11, 2025 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-5, dated 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

Section 3. Requirements imposed on foreign founders when establishing a bank or participating in the authorized capital of a bank

See previous edition.

22. When establishing a bank or when a foreign bank participates in the authorized capital of a bank, in addition to the documents specified in paragraph 20 of these Regulations, the following documents are submitted in two copies:

(First sentence of Paragraph 22 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

1. the decision of the authorized body of the foreign bank on the establishment of a bank or participation in the authorized capital of a bank;

2. written confirmation from the supervisory authority of the foreign bank that the foreign bank operates under its consolidated supervision, has the right to accept funds into deposits, and has been granted permission by the supervisory authority of the foreign bank to establish a bank or participate in the authorized capital of a bank, or confirmation that such permission is not required;

3. the charter of the foreign bank;

See previous edition.

4. documents confirming the compliance of the foreign bank's capital and credit rating with the following requirements:

(First sentence of sub-paragraph 4 of Paragraph 22 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

• availability of private capital in an amount not less than the equivalent of 200 million euros;

(Second sentence of sub-paragraph 4 of Paragraph 22 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

• availability of a long-term credit rating of at least the investment grade rating score given by the rating agencies "Standard & Poor's", "Moody's Investors Service" or "Fitch-IBCA".

If the foreign bank's capital equivalence or credit rating does not meet the requirements specified in this sub-paragraph, or if there is no credit rating, the assessment of the foreign bank's financial capacity given by the banking supervisory authority of a foreign state, whose prudential requirements have been recognized by the Central Bank as equivalent to national requirements, is taken into account, provided that documents sent by this authority to the Central Bank are available.

See previous edition.

23. When non-resident legal entities, other than international financial institutions, foreign banks, and other credit institutions, establish a bank or participate in the authorized capital of a bank, in addition to the documents specified in paragraph 20 of these Regulations, the following documents are submitted in two copies:

(First sentence of Paragraph 23 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

1. the decision of the authorized body of the legal entity on the establishment of a bank on the territory of the Republic of Uzbekistan or its participation in the bank's authorized capital;

2. a document confirming the consent of the supervisory authority in the state where the legal entity is located to establish a bank on the territory of the Republic of Uzbekistan or participate in the bank's authorized capital, or confirmation that such permission is not required;

3. the charter of the legal entity;

4. confirmation of the availability of funds to make payment for its share in the authorized capital.

See previous edition.

24. Applicants for the establishment of a bank or participation in the authorized capital of a bank by international financial institutions, foreign banks, and other credit institutions with high capital and credit rating indicators submit an application in accordance with Appendix 1 to these Regulations, attaching the following in two copies:

(First sentence of Paragraph 24 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

1. the founding agreement signed by the founders. If the bank is established by a single founder, the founder's sole decision on the establishment of the bank is submitted;

(Sub-paragraph 1 of Paragraph 24 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

2. the minutes of the founding meeting in cases where the bank is established by two or more founders;

(Sub-paragraph 2 of Paragraph 24 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

3. the bank's charter approved by the founders and signed by the Chairman of the Bank's Supervisory Board;

4. the decision of the authorized body of the founders on the establishment of a bank or participation in the authorized capital of a bank;

5. a list of founders indicating the amount of their shares in the bank's authorized capital;

6. a copy of the certificate of state registration of the founders and payment details;

See previous edition.

7. documents confirming the compliance of the bank's capital and credit rating with the criteria specified in sub-paragraph 2 of paragraph 25 of these Regulations;

(Sub-paragraph 7 of Paragraph 24 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

8. documents specified in sub-paragraphs 5 — 10 of paragraph 107 of these Regulations regarding members of the bank's Supervisory Board and Management;

(Sub-paragraph 8 of Paragraph 24 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

9. the organizational structure of the bank;

10. the draft regulation on the bank's internal audit service;

11. the bank's business plan for the next three years. It must cover the strategy, directions, scale, financial prospects of the bank's activities, and other information in accordance with Appendix 3 to these Regulations.

See previous edition.

12. copies of the draft policies of the bank's credit (financing), investment and issuance activities, as well as draft policies for risk management and internal control, which are to be subsequently approved by the bank's Supervisory Board.

(Sub-paragraph 12 of Paragraph 24 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

(Sub-paragraph 13 of Paragraph 24 was issued on the basis of Resolution No. 17/21 dated May 22, 2024 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-4, dated 24.06.2024) — , 25.06.2024, No. 10/24/3252-4/0443)

See previous edition.

An applicant applying for a preliminary license to establish a bank conducting Islamic banking activities submits, in addition to the documents specified in the first — thirteenth sentences of this paragraph, the documents specified in the second — fourth sentences of paragraph 201 of these Regulations.

(Paragraph 24 was supplemented with a sentence on the basis of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

25. For the purposes of these Regulations:

1. "international financial institutions" means the World Bank Group (International Bank for Reconstruction and Development, International Finance Corporation, Multilateral Investment Guarantee Agency, International Development Association), Bank for International Settlements, International Monetary Fund, European Bank for Reconstruction and Development, European Investment Bank, European Investment Fund, Development Bank of the Council of Europe, European Central Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Islamic Development Bank;

See previous edition.

2. "foreign banks and other credit institutions with high capital and credit rating indicators" means persons whose capital and credit rating meet the following requirements:

(First sentence of sub-paragraph 2 of Paragraph 25 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

• availability of authorized capital in an amount not less than the equivalent of 500 million euros;

• availability of a long-term credit rating of at least the "A+", "A1", "A+" rating score given by the rating agencies "Standard & Poor's", "Moody's Investors Service", "Fitch-IBCA" respectively.

Section 4. Consideration of the application for granting a preliminary license to establish a bank

See previous edition.

26. The consideration of the application for granting a preliminary license to establish a bank is carried out by the Central Bank in the manner established by Articles 16 and 19 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities".

(Paragraph 26 is in the edition of Resolution No. 9/1 dated April 11, 2025 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-5, dated 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

27. In considering the application for granting a preliminary license to establish a bank, the Central Bank takes into account:

• the adequacy level of the capital of the bank to be established, determined by factors such as the planned constant increase in the bank's capital, including the authorized capital, the expected income and prospects for forming funds, as well as the ability of the founders to inject additional capital if necessary;

• the existence of an agreement on the exchange of information between the Central Bank and the supervisory authority of the foreign bank that is a founder of the bank;

• the information and opinions of the authorized bodies of the country where the non-resident is located.

See previous edition.

The Central Bank also takes these circumstances into account when considering the application for granting a preliminary license to acquire a share in the amount specified in the fourth sentence of paragraph 39 of these Regulations in the authorized capital of the bank.

(Paragraph 27 was supplemented with a sentence on the basis of Resolution No. 9/1 dated April 11, 2025 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-5, dated 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

See previous edition.

Section 5. State registration of the bank and issuance of relevant license (licenses) for banking activities

(The name of paragraph 5 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

28. To register the bank in the state register and obtain the relevant license (licenses) for banking activities, the applicant must submit to the Central Bank no later than six months after receiving the preliminary license to establish the bank:

(First sentence of Paragraph 28 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

• an application for state registration of the bank and issuance of the relevant license (licenses) for banking activities. In this case, the indication of the applicant's email address in the application is consent to receive a notification about the adopted decision in electronic form via the information and communication system;

(Second sentence of Paragraph 28 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

• documents specified in sub-paragraphs 5 — 10 of paragraph 107 of these Regulations regarding key employees of the bank;

(Third sentence of Paragraph 28 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

• a conclusion in the form specified in Appendix 4 to these Regulations from the territorial main department of the Central Bank where the bank to be established is located, confirming that the bank buildings, their protection, equipment, technical means for organizing work, and software comply with the Central Bank's requirements;

(Fourth sentence of Paragraph 28 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

• a document confirming the formation of the bank's authorized capital in an amount not less than the minimum amount established by legislation on banks and banking activities, as well as a list of founders;

(Fifth sentence of Paragraph 28 is in the edition of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See: Law of the Republic of Uzbekistan "On Banks and Banking Activities".

See previous edition.

• a conclusion from the Inspection for Control in the Field of Construction and Housing and Communal Services under the Cabinet of Ministers of the Republic of Uzbekistan on the creation of convenient conditions in bank buildings in accordance with urban planning norms and rules established for persons with disabilities;

• if the application is submitted simultaneously for a license granting the right to conduct banking activities and a license granting the right to conduct Islamic banking activities, the documents specified in the seventh and ninth sentences of paragraph 291 of these Regulations;

(Paragraph 28 was supplemented with sixth and seventh sentences on the basis of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

• electronic copies of the documents submitted in accordance with paragraphs 20 — 24 of these Regulations and the second — seventh sentences of this paragraph.

(Eighth sentence of Paragraph 28 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

The documents specified in the third — seventh sentences of this paragraph are submitted in two copies.

(Ninth sentence of Paragraph 28 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

29. The consideration by the Central Bank of the documents submitted for the state registration of the bank and the issuance of the relevant license (licenses) for banking activities is carried out in the manner established by Articles 20 and 21 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities".

(Paragraph 29 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

Section 51. Issuance of a license granting the right to conduct Islamic banking activities to a bank holding a license granting the right to conduct banking activities

291. A bank holding a license granting the right to conduct banking activities submits the following documents to the Central Bank to obtain a license granting the right to conduct Islamic banking activities:

• an application for the issuance of a license granting the right to conduct Islamic banking activities;

• the decision of the general meeting of the bank's shareholders or the sole shareholder of the bank on the introduction of Islamic banking activities;

• the bank's charter taking into account the requirements specified in part four of Article 14 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities";

• information on the establishment of the bank's Islamic finance council, special department for Islamic finance issues, and internal audit for Islamic finance;

• the documents specified in paragraph 201 of these Regulations;

• documents specified in sub-paragraphs 2 — 10 of paragraph 107 of these Regulations regarding the head employee responsible for the bank's Islamic banking activities;

• a three-year business plan including market analysis, financing plans, products and services, financial forecasts, and risk management issues for Islamic banking activities, as well as other information in accordance with Appendix 3 to these Regulations;

• documents confirming the creation of the opportunity to maintain separate accounting for financial operations carried out within the framework of Islamic banking activities (documents confirming that changes have been made to automated banking systems for carrying out Islamic finance operations).

292. A decision on the issuance of a license granting the right to conduct Islamic banking activities to a bank holding a license granting the right to conduct banking activities is made within a period not exceeding two months from the date of receipt of the application with all necessary documents.

The Central Bank notifies the bank in writing, including in electronic form via the information and communication system, about the adopted decision within three working days from the date of adoption of the relevant decision.

(Section 51 was introduced on the basis of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

Section 6. Re-issuance of the relevant license (licenses) for banking activities

(The name of paragraph 6 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

(Paragraph 30 lost its force on the basis of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

(Paragraph 31 lost its force on the basis of Resolution No. 19/2 dated August 22, 2022 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

32. Re-issuance of the relevant license (licenses) for banking activities is carried out in accordance with the Law of the Republic of Uzbekistan "On Licensing, Permitting and Notification Procedures".

(Paragraph 32 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

Section 7. Payment for the issuance and re-issuance of the relevant license (licenses) for banking activities

(The name of paragraph 7 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

33. A fee in the amount of five times the base calculation amount is collected for the consideration of the application for granting a preliminary license to establish a bank.

See previous edition.

34. A state duty in the amount of 0.1 percent of the minimum amount of the authorized capital of the respective bank or microfinance bank is collected for the issuance of the relevant license (licenses) for banking activities. In this case, the state duty is collected separately for each type of license issued.

(Paragraph 34 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

See previous edition.

35. For the re-issuance of the relevant license (licenses) for banking activities, half of the fee amount specified in paragraph 33 of these Regulations is collected.

(Paragraph 35 is in the edition of Resolution No. 19/2 dated June 23, 2026 of the Management Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

36. Copies of information about the bank stored in the State Register of Banks maintained by the Central Bank are provided free of charge.

Section 8. Financing of organizational and technical measures

37. Expenses for carrying out organizational and technical measures, preparing bank buildings, ensuring their protection, equipping them with equipment, organizational and technical means, and providing software are covered at the expense of the founders. For this purpose, an approximate calculation of expenses for the establishment of the bank is made by the founders, and an agreement is concluded between one or several founders on the implementation of expenses. These documents are submitted to the Central Bank until the bank is registered.

See previous edition.

38. After the bank is registered with the state and the relevant license (licenses) for banking activities is (are) issued to it, the founders report on the expenses incurred for establishing the bank in accordance with the agreement approved at the general meeting of shareholders. If their actions are approved by the general meeting of shareholders, the expenses incurred by them are reimbursed by the bank in accordance with the agreement. (Paragraph 38 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 No. 19/2 (registration No. 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

SECTION II. OBTAINING INITIAL PERMISSION TO PURCHASE BANK SHARES

Chapter 1. Procedure for obtaining initial permission to purchase bank shares

39. Physical and legal persons or persons acting in concert, including non-residents, must obtain prior permission from the Central Bank before acquiring directly or indirectly a share in the authorized capital of a bank as a result of one or several transactions:

five percent and more, but no more than twenty percent;

twenty percent and more, but no more than fifty percent;

fifty percent and more.

40. Persons acting in concert include the persons envisaged in Article 22 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities".

41. Banks must obtain prior permission from the Central Bank before acquiring directly or indirectly the shares of another bank. Banks must obtain repeated prior permission from the Central Bank to increase their share in the authorized capital of another bank.

42. Mandatory requirements and conditions for granting permission for a bank to acquire shares of another bank include the bank's stable financial condition, as well as compliance with prudential norms as a result of the acquisition. The requirements of this paragraph also apply to cases where banks acquire their own shares.

43. An application in accordance with Appendix 5 of this Regulation is submitted to the Central Bank for obtaining initial permission to acquire bank shares, accompanied by the following documents:

1. if the potential acquirer is a physical person: See previous edition.

a copy of the passport of a physical person who is a non-resident; (Paragraph 43, sub-paragraph 1, second letter of Paragraph 38 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

documents confirming information on the sources of origin and movement of funds used to acquire bank shares;

data in the form provided in Appendix 6 of this Regulation; See previous edition. (Paragraph 43, sub-paragraph 1, fifth letter of Paragraph 38 issued based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

2. if the potential acquirer is a legal entity: See previous edition.

a certificate of state registration (for legal entities that are non-residents) and constituent documents (charter and founding agreement); (Paragraph 43, sub-paragraph 2, second letter of Paragraph 38 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

data on all participants (shareholders) in accordance with Appendix 2 of this Regulation;

data on the ultimate beneficial owners holding controlling ownership in this legal entity in accordance with Appendix 6 of this Regulation;

data on the potential acquirer in accordance with Appendix 7 of this Regulation;

a decision of the competent authority on acquiring controlling ownership in the bank; See previous edition.

a copy of the audit opinion confirming the reliability of financial statements and compliance with legislative requirements on accounting for the last 3 years, or for the years of activity if the activity has been carried out for less than 3 years; (Paragraph 43, sub-paragraph 2, seventh letter of Paragraph 38 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

documents confirming information on the sources of origin and movement of funds used to acquire bank shares;

an application in the form provided in Appendix 8 of this Regulation; See previous edition.

information confirming the compliance of members of the supervisory board and executive bodies with the business reputation criteria established in Paragraph 52 of this Regulation; (Paragraph 43, sub-paragraph 2, ninth letter of Paragraph 38 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) (Paragraph 43, sub-paragraph 2, eleventh letter of Paragraph 38 issued based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

3. if the potential acquirer is a bank, provided that as a result of the acquisition the bank becomes part of a banking group:

documents and data indicated in sub-paragraph 2 of this paragraph;

information on the structure of the banking group;

information on participants of the banking group, including information on the main activities of participants included in the group;

the policy of the banking group on risk management and internal control;

information on persons exercising control in the banking group; See previous edition.

information on the financial condition of group participants, including a copy of the audit opinion confirming the reliability of consolidated financial statements of the applicant for the last 3 years and compliance with legislative requirements on accounting (information must not be dated more than 90 days before the date of submission of the application); (Paragraph 43, sub-paragraph 3, seventh letter of Paragraph 38 issued based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

4. if the potential acquirer is a foreign bank:

documents and data indicated in sub-paragraph 2 of this paragraph;

documents indicated in sub-paragraphs 2–4 of Paragraph 22 of this Regulation;

5. if the potential acquirer is an international financial institution, foreign bank, or other credit organization with high capital and credit rating indicators:

documents indicated in the second, third, sixth, and seventh letters of sub-paragraph 2 of this paragraph; See previous edition.

documents confirming the compliance of capital and credit rating with the criteria indicated in sub-paragraph 2 of Paragraph 25 of this Regulation; (Paragraph 43, sub-paragraph 5, third letter of Paragraph 38 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

6. if the potential acquirer is a non-resident other than an international financial institution, foreign bank, or other credit organization:

documents and data indicated in sub-paragraph 2 of this paragraph;

document indicated in sub-paragraph 2 of Paragraph 23 of this Regulation.

44. Documents envisaged in Paragraph 43 of this Regulation are submitted by persons holding indirect controlling ownership, including the ultimate beneficial owner, with the exception of documents indicated in the third letter of the first sub-paragraph and the eighth letter of the second sub-paragraph. See previous edition.

45. In cases not dependent on the person, specifically in cases of legal succession, inheritance, gift, acquisition of property rights based on a court decision, or as a result of a reduction in the bank's authorized capital, the documents indicated in Paragraph 43 of this Regulation must be submitted to the Central Bank within 60 days from the date of acquiring bank shares in cases not dependent on the person to obtain permission from the Central Bank to acquire bank shares in the volume indicated in Paragraph 39 of this Regulation. (Paragraph 45 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

46. Persons holding direct or indirect controlling ownership, including the ultimate beneficial owner, must notify the Central Bank and the bank in writing, including electronically, within 10 days in accordance with Appendix 9 of this Regulation in the following cases:

when a transaction for which initial permission to acquire bank shares was obtained is executed;

when initial permission was obtained and the share of shares specified in Paragraph 39 of this Regulation has increased;

when, as a result of a decision to transfer or reduce controlling ownership in the bank's authorized capital to another person, controlling ownership remains less than fifty percent, twenty percent, or five percent, respectively;

when bank shares in the volume specified in Paragraph 39 of this Regulation are acquired by a person in cases not dependent on the person.

47. Requiring and submitting additional documents and information necessary to complete the assessment of the potential acquirer, reviewing documents submitted to the Central Bank for obtaining initial permission to acquire bank shares or permission from the Central Bank to acquire bank shares in cases not dependent on the person by the person, notifying about the acquisition, modification, or transfer of controlling ownership, as well as notifying the Central Bank, are carried out in the manner established by the Law of the Republic of Uzbekistan "On Banks and Banking Activities".

48. Initial permission to acquire bank shares is revoked in the following cases:

upon the applicant's request to revoke a document with the nature of permission;

when it is established that initial permission to acquire bank shares was obtained using forged documents.

Chapter 2. Assessment of the Potential Acquirer

49. The quality assessment of the potential acquirer is carried out taking into account the structure and complexity of the documents submitted for obtaining initial permission to acquire bank shares, as well as the principle of proportionality applied to the assessment process.

50. The Central Bank assesses the quality of the potential acquirer by jointly considering the following criteria:

the business reputation of the potential acquirer; See previous edition.

the business reputation, knowledge, qualifications, and experience of the members of the supervisory board and board of directors, Islamic finance council, as well as key employees of the bank to be appointed after the intended acquisition is carried out; (Third letter of Paragraph 50 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 No. 19/2 (registration No. 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

the financial capacity of the potential acquirer, specifically its capacity in terms of the scale and specialization of the bank's activities for which shares are intended to be acquired; See previous edition.

the ability of the bank to comply with prudential requirements established by legislative acts on banks and banking activities after the intended acquisition is carried out; (Fifth letter of Paragraph 50 edited by the Order of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 No. 16-mh (registration No. 3313, dated 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

the absence of suspicions regarding attempts to carry out or carrying out activities related to the legalization of income obtained from criminal activities, financing of terrorism, and financing of the proliferation of weapons of mass destruction in connection with the intended acquisition, as well as the assumption that such risks will increase after the intended acquisition is carried out;

the probability of the potential acquirer's activities being consistent with banking activities and its impact on the development of banking activities;

the organizational structure of the corporate governance of the potential acquirer and the influence of persons related to it on the regulation of the bank and control over it.

51. The Central Bank has the right to consult with other competent authorities or relevant authorities of foreign states when assessing the potential acquirer.

52. The following are taken into account when assessing compliance with the business reputation criteria of the potential acquirer:

1. moral qualities and conscientiousness of the potential acquirer (without applying the principle of proportionality):

the absence of unexpunged or undischarged convictions against the potential acquirer for crimes in the field of the economy, crimes against the order of management, or crimes related to the legalization of income obtained from criminal activities and financing of terrorism; See previous edition.

the absence of evidence that the potential acquirer is responsible for actions leading the legal entity to insolvency or a difficult financial situation; (Third letter of Paragraph 52, sub-paragraph 1 edited by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration No. 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

the absence of a court decision depriving the potential acquirer of the right to engage in professional activities in the financial sector;

the past application of sanctions by the competent supervisory authority restricting the potential acquirer's ownership of the authorized fund (authorized capital) of a legal entity;

submission of truthful information to the Central Bank;

the absence of evidence that the potential acquirer attempted to fail the assessment;

2. professional competence (applying the principle of proportionality):

the prudent management of shares (shares) of legal entities carried out by the potential acquirer;

the accumulated experience of prudent management as a controlling participant (shareholder) and (or) head of legal entities operating in the financial market.

53. If the potential acquirer is a legal entity, the assessment of compliance with the business reputation criteria covers the legal entity itself, as well as its participants (shareholders) and members of its management bodies.

54. When assessing the moral qualities and conscientiousness of the potential acquirer, the Central Bank may consider information about the moral qualities and conscientiousness of persons related to it, specifically persons who have practical work or kinship relations with the potential acquirer or are assumed to have such relations.

55. The Central Bank conducts a preliminary assessment of the business reputation, knowledge, skills, and experience of the members of the supervisory board and board of directors, as well as key employees of the bank to be appointed after the intended acquisition, based on the documents submitted by the potential acquirer exercising control over the bank in accordance with Section III of this Regulation.

56. The submission for appointment of members of the supervisory board and board of directors, as well as key employees of the bank who do not comply with the requirements of Section III of this Regulation by the potential acquirer may serve as a ground for refusing to issue initial permission to acquire bank shares.

57. The final decision on agreeing on the members of the supervisory board and board of directors, as well as key employees of the bank to be appointed after the intended acquisition is carried out, including finding them compliant or non-compliant with the requirements of Section III of this Regulation, is made by the Central Bank after the competent authority of the bank approves them and submits the set of documents specified in this section.

58. The assessment of compliance with the financial capacity criteria of the potential acquirer is carried out based on documents submitted in accordance with Appendix 6 or 8 of this Regulation, taking into account its ability to finance the acquisition of bank shares, maintain the stable financial condition of the bank, and effectively and reasonably manage the bank over the next three years.

59. When assessing the financial capacity of the potential acquirer, its activity and efficiency in economic, financial, and other types of activities prior to submitting documents for obtaining initial permission to acquire bank shares are taken into account.

60. The Central Bank considers the financial relations between the potential acquirer and the bank, as well as the possibility of conflicts of interest in these relations that could destabilize the stable financial condition of the bank.

61. If the potential acquirer is a non-resident legal entity regulated and supervised by the banking supervisory authority of a foreign state, the prudential requirements of which are recognized by the Central Bank as equivalent to national requirements, the Central Bank has the right to take into account the assessment of the financial capacity of the potential acquirer given by the banking supervisory authority of the foreign state, if documents sent to the Central Bank by this authority are available.

62. If there is information at the Central Bank confirming that the financial capacity of the potential acquirer will deteriorate in the future before the intended acquisition is carried out, such information may serve as a ground for refusing to issue initial permission to acquire bank shares. See previous edition.

63. The quality assessment of the potential acquirer considers the ability of the bank to comply with prudential requirements established by legislative acts on banks and banking activities after the potential acquirer exercising control over the bank acquires bank shares.

64. The intended acquisition should not have a negative impact on the compliance of the bank with prudential requirements established by legislative acts on banks and banking activities.

65. The assessment of the bank's ability to comply with prudential requirements established by legislative acts on banks and banking activities is conducted not only before carrying out the intended acquisition but also on an ongoing basis. For this purpose, the potential acquirer submits a business plan for the next 3 years to the Central Bank. (Paragraphs 63, 64, and 65 edited by the Order of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 No. 16-mh (registration No. 3313, dated 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

66. The assessment of the potential acquirer's compliance with the criterion of the absence of suspicions regarding attempts to carry out or carrying out activities related to the legalization of income obtained from criminal activities, financing of terrorism, and financing of the proliferation of weapons of mass destruction, as well as the assessment of assumptions about the increase in such risks after the intended acquisition is carried out, is conducted in conjunction with the assessment of moral qualities and conscientiousness, regardless of the volume of the intended acquisition. See previous edition. The assessment of assumptions about the increase in risks related to the legalization of income obtained from criminal activities, financing of terrorism, and financing of the proliferation of weapons of mass destruction after the intended acquisition is carried out also includes assessing the impact of the factor of the presence of convictions against persons related to the potential acquirer for crimes in the field of the economy, crimes against the order of management, or crimes related to the legalization of income obtained from criminal activities and financing of terrorism. (Paragraph 66 supplemented with a second letter based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated December 29, 2022 No. 30/7 (registration No. 3252-2, dated 24.01.2023) — , 25.01.2023, No. 10/23/3252-2/0052)

67. Funds used for the intended acquisition must consist of legal funds, and the financing mechanism must be transparent. For these purposes, the potential acquirer submits to the Central Bank information confirming the following:

sources of funds;

the scheme of movement of these funds;

the non-movement of these funds through financial organizations under the control of competent authorities of a state or territory that do not provide a preferential tax regime and (or) do not require disclosure of the identity of the ultimate beneficial owner and submission of information during financial operations. See previous edition. Information indicated in the fourth letter of this paragraph is not submitted when bank shares are acquired on foreign stock exchanges. (Paragraph 67 supplemented with a letter based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 26, 2023 No. 14/11 (registration No. 3252-3, dated 05.06.2023) — , 05.06.2023, No. 10/23/3252-3/0330)

68. The Central Bank refuses to issue initial permission to acquire bank shares if the potential acquirer is suspected or recognized by competent authorities in the country or abroad as:

a person who participated in operations to legalize income obtained from crimes or similar attempts, regardless of their connection to the intended acquisition;

a person included in the list of persons participating in terrorist activities or suspected of participating in the proliferation of weapons of mass destruction;

a person related to persons indicated in the second and third letters of this paragraph.

69. Close relationships arising in the bank with other persons as a result of carrying out the intended acquisition, the regulation of the activities of one or several persons in close relationship with the bank by laws or regulatory legal acts, and the application of prohibitions and restrictions by competent authorities of another state to these persons must not hinder the Central Bank in exercising its supervisory functions.

70. The Central Bank grants initial permission to the potential acquirer in the following cases:

if the potential acquirer fully complies with the criteria indicated in Paragraph 50 of this Regulation;

if there are no suspicions that the potential acquirer is not the ultimate beneficial owner of the intended acquisition;

if there is no excessive stratification of legal entities that are shareholders (more than three levels from the potential acquirer to the ultimate beneficial owner);

if documents are submitted in full volume;

if there are no false or distorted information in the documents and information submitted by the potential acquirer.

71. The following are taken into account when assessing the stratification of legal entities that are shareholders:

the transparency of persons participating in the stratification chain and their cooperation with the Central Bank;

the possibility of effective information exchange with banking supervisory authorities and other competent authorities about all persons participating in the stratification chain; See previous edition.

written confirmation from the banking supervisory authority or other competent authority of the country of origin of persons participating in the ownership chain, confirming that permission has been granted to acquire bank shares in the Republic of Uzbekistan, if the legislation of these countries requires it. (The fourth subparagraph of paragraph 71 was edited by Order No. 16-mh dated July 28, 2021 of the Minister of Justice of the Republic of Uzbekistan (registration number 3313, dated 28.07.2021), effective 28.07.2021, No. 10/21/3313/0724). See previous edition.

72. In cases where direct or indirect owners, including ultimate beneficial owners, do not comply with the requirements of banking legislation, the Central Bank has the right to apply measures and sanctions provided for in Article 25 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity" to them. (Paragraph 72 was edited by Order No. 16-mh dated July 28, 2021 of the Minister of Justice of the Republic of Uzbekistan (registration number 3313, dated 28.07.2021), effective 28.07.2021, No. 10/21/3313/0724). See previous edition.

73. The requirements of this Chapter also apply to the assessment of founders, direct and indirect owners, including ultimate beneficial owners, at the time of submission of documents for obtaining an initial permit for the establishment of a bank. (Paragraph 73 was edited by Resolution No. 9/1 dated April 11, 2025 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-5, dated 24.04.2025), effective 25.04.2025, No. 10/25/3252-5/0381).

Chapter 3. Procedure for granting initial permission of the Central Bank for a bank to purchase its own shares

74. A bank must obtain initial permission from the Central Bank to purchase its own shares. The amount of its own shares purchased by the bank may not exceed 10 percent of the bank's authorized capital. See previous edition.

75. To obtain initial permission from the Central Bank to purchase its own shares, the applicant submits to the Central Bank: (The first subparagraph of paragraph 75 was edited by Resolution No. 19/2 dated August 22, 2022 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022), effective 05.10.2022, No. 10/22/3252-1/0896).

a written application for granting initial permission to purchase its own shares by the bank, signed by the Chairman of the Supervisory Council of the bank, in the form specified in Appendix 10 of these Regulations; See previous edition.

a resolution of the General Meeting of Shareholders of the bank if the bank shares are purchased to reduce the bank's authorized capital subject to their subsequent cancellation, or a resolution of the Supervisory Council of the bank if they are purchased for the purpose of resale according to the established procedure. The resolution must indicate the reasons for the bank's purchase of its own shares. (The third subparagraph of paragraph 75 was edited by Resolution No. 19/2 dated August 22, 2022 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022), effective 05.10.2022, No. 10/22/3252-1/0896). See previous edition.

76. After obtaining initial permission to purchase its own shares to reduce the authorized capital, the bank makes amendments to its charter related to the reduction of the authorized capital. (Paragraph 76 was edited by Resolution No. 19/2 dated August 22, 2022 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022), effective 05.10.2022, No. 10/22/3252-1/0896). See previous edition.

Section III. Procedure for consulting with the Central Bank and evaluation criteria for bank managerial staff (The title of Section III was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753).

Chapter 1. General Rules See previous edition.

77. Consultation with the Central Bank is required before entering the following managerial positions:

1. members of the bank's Supervisory Council, including its Chairman;

2. members of the bank's Executive Committee, including its Chairman and Deputy Chairmen;

3. members of the bank's Islamic Finance Council, including its Chairman and Deputy Chairman;

4. significant employees of the bank, if they are not members of the bank's Executive Committee: the Chief Accountant of the bank; the Head of the Internal Audit Structural Unit; the Head of the Risk Management Structural Unit; the Head of the Structural Unit responsible for internal control and/or compliance control; the Head of the Structural Unit responsible for managing the bank's assets and liabilities (treasury); the Head of the Structural Unit responsible for combating money laundering, terrorist financing, and proliferation financing; the managerial employee responsible for the bank's Islamic banking activity;

5. the liquidator of a bank undergoing voluntary liquidation (if a liquidation commission is appointed, its Chairman and members);

6. persons coordinating the activities of managerial employees indicated in sub-paragraphs 1–5 of this paragraph or significant employees indicated in sub-paragraph 4 of this paragraph, based on their position duties. (Paragraph 77 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition.

78. The bank must subject the bank managerial candidate to an initial assessment in accordance with the requirements of these Regulations. In doing so, the bank evaluates the candidate's professional reputation, experience, knowledge and skills, independence of judgment, sufficient time availability, and team compatibility in accordance with these Regulations and the bank's internal requirements, and also verifies the truthfulness of the information submitted for the candidate's assessment. (Paragraph 78 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition.

79. The assessment provided for in Paragraph 78 of these Regulations is carried out by the bank before a decision is made to elect or appoint the managerial candidate (before formalizing the employment order). (Paragraph 79 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition.

80. If the results of the assessment conducted by the bank under Paragraph 78 of these Regulations indicate non-compliance of the candidate with the requirements of these Regulations, the candidate shall not be elected or appointed as a managerial employee. (Paragraph 80 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753).

81. The bank must continuously reassess the compliance of managerial employees with the requirements of these Regulations. See previous edition.

82. If the results of the reassessment conducted by the bank in accordance with Paragraph 81 of these Regulations indicate that the managerial employees are no longer compliant with the requirements of these Regulations, the bank must notify the Central Bank in writing within three working days from the day the non-compliance was identified and take one of the following measures: redistribution of duties among managerial employees of equal rank; professional training of managerial employees; regulation of conflicts of interest; replacement of managerial employees. (Paragraph 82 was edited by Resolution No. 32/1 dated December 3, 2025 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-6, dated 05.01.2026), effective 07.01.2026, No. 10/26/3252-6/0018). See previous edition.

83. Assessment and consultation of managerial employees are carried out in the following cases: during the consideration of applications for obtaining an initial permit for the establishment of a bank and for state registration of the bank and issuance of relevant license(s) for banking activity; (The second subparagraph of paragraph 83 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition. during the consideration of applications by banks holding a license granting the right to carry out banking activity for the issuance of a license granting the right to carry out Islamic banking activity; during the consideration of applications for changing the activities of credit institutions; (Paragraph 83 was supplemented with third and fourth subparagraphs based on Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753); before entering the managerial position, except for cases specified in Paragraph 84 of these Regulations; during the consultation on obtaining final permission for the voluntary liquidation of a bank and on the decision to replace the liquidator of a bank undergoing voluntary liquidation; in the event of new circumstances arising that affect the compliance of managerial employees with the requirements of these Regulations. (Paragraph 83 was edited by Resolution No. 32/1 dated December 3, 2025 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-6, dated 05.01.2026), effective 07.01.2026, No. 10/26/3252-6/0018). See previous edition. See previous edition.

84. Consultation with the Central Bank is not required before entering the following positions if there are no new circumstances affecting the compliance of managerial employees with the requirements of these Regulations: (The first subparagraph of paragraph 84 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition. a member of the Supervisory Council, Executive Committee, or Islamic Finance Council of the same bank who is re-elected (appointed) for a new term due to the expiration of their term of office; (The second subparagraph of paragraph 84 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753); managerial employees who are re-elected or appointed within 12 months from the date of consultation to another position in the same bank subject to the same requirements or to the position they held; managerial employees appointed to another position of a lower level in the same bank subject to the same or fewer requirements. (Paragraph 84 was edited by Resolution No. 32/1 dated December 3, 2025 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-6, dated 05.01.2026), effective 07.01.2026, No. 10/26/3252-6/0018). See previous edition.

85. A managerial employee may enter their position only after the bank obtains consultation with the Central Bank. If it is impossible to obtain consultation with the Central Bank before a significant employee enters their position due to objective reasons, the bank must submit an application to the Central Bank indicating the relevant objective reasons within thirty working days from the day the significant employee is appointed to the position. (Paragraph 85 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition.

86. The temporary performance of the duties of the Chairman of the Executive Committee and his deputies in their absence is assigned to the Deputy Chairmen or Executive Committee members who have undergone the consultation procedure. (Paragraph 86 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition.

87. The managerial employees of the bank, the liquidator of a bank undergoing compulsory liquidation, the special manager and temporary administrator of the bank (hereinafter referred to as the candidate in the text) must comply with the criteria of professional reputation, experience, knowledge and skills, independence of judgment, and sufficient time availability established by the requirements of these Regulations. Members of the Supervisory Council, Executive Committee, and Islamic Finance Council of the bank must additionally comply with the criterion of team compatibility in addition to the criteria indicated in the first subparagraph of this paragraph. The requirements established for the managerial employee (significant employee whose activities are coordinated by them) indicated in sub-paragraph 6 of Paragraph 77 of these Regulations apply to those managerial employees whose duties correspond to the duties of that managerial employee (significant employee whose activities are coordinated by them). (Paragraph 87 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition.

88. The Central Bank separately assesses the candidate and determines their compliance with the requirements of these Regulations, including using reasoned reasoning. (Paragraph 88 was edited by Resolution No. 19/2 dated August 22, 2022 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022), effective 05.10.2022, No. 10/22/3252-1/0896).

Chapter 2. Criteria for Assessing the Candidate

Section 1. Professional Reputation See previous edition.

89. Regardless of the position held by the candidate, as well as the systemic importance, nature, scale, and complexity of the bank's activities, the candidate must have impeccable professional reputation. (Paragraph 89 was edited by Resolution No. 19/2 dated August 22, 2022 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022), effective 05.10.2022, No. 10/22/3252-1/0896). See previous edition.

90. When assessing the professional reputation of the candidate, the following are taken into account: (The first subparagraph of paragraph 90 was edited by Resolution No. 19/2 dated August 22, 2022 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022), effective 05.10.2022, No. 10/22/3252-1/0896). See previous edition. the presence of impeccable professional reputation confirmed by official information about the candidate's professionalism, conscientiousness, discipline, and other qualities, which serves as a basis to consider that the candidate conducts business in accordance with legislative acts and does not commit actions leading the bank to risk and loss of confidence; (The second subparagraph of paragraph 90 was edited by Order No. 16-mh dated July 28, 2021 of the Minister of Justice of the Republic of Uzbekistan (registration number 3313, dated 28.07.2021), effective 28.07.2021, No. 10/21/3313/0724); the absence of unexpunged or removed convictions against the candidate for crimes in the field of the economy, crimes against the management order, or crimes related to money laundering, terrorist financing, and proliferation financing; (The fourth subparagraph of paragraph 90 was supplemented with a fourth subparagraph based on Resolution No. 30/7 dated December 29, 2022 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-2, dated 24.01.2023), effective 25.01.2023, No. 10/23/3252-2/0052); the absence of negative influence of the factor of conviction against persons related to the candidate for crimes in the field of the economy, crimes against the management order, or crimes related to money laundering, terrorist financing, and proliferation financing, in particular the absence of assumptions about increased risks related to the involvement of the bank in activities related to money laundering, terrorist financing, or financing the proliferation of weapons of mass destruction after the candidate enters the position; the absence of evidence confirming the responsibility of the candidate for actions leading to the revocation of the license of a legal entity and/or the introduction of a temporary administration regime in it, as well as the emergence of financial and/or administrative problems in the areas of activity for which he/she is responsible; the absence of cases of early termination of the candidate's powers or removal from the position held at the request of the Central Bank; the absence of cases of financial fraud or tax evasion; the absence of evidence confirming cases of non-transparency, submission of false information, or refusal to cooperate with the financial sector supervisory authorities of the Republic of Uzbekistan or foreign states by the candidate; the absence of cases where the Central Bank or a foreign competent authority rejected the consultation (appointment, approval) of the candidate for a managerial position due to non-compliance of their professional reputation; the absence of cases where the consultation (appointment, approval) of the candidate for a managerial position granted by the Central Bank or a foreign competent authority was revoked; the absence of cases where the candidate entered a managerial position requiring prior consultation (appointment, approval) without prior consultation (without appointment, without approval); the absence of evidence confirming that the candidate, acting as a manager in this legal entity or its separate subdivisions, made decisions causing harm to this legal entity or its separate subdivision, or participated in making such decisions, aiming at personal or group interests; the absence of ongoing investigation, preliminary investigation, or court proceedings against the candidate; (The thirteenth subparagraph of paragraph 90 was edited by Resolution No. 19/2 dated August 22, 2022 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-1, dated 05.10.2022), effective 05.10.2022, No. 10/22/3252-1/0896); the absence of evidence confirming that as a result of the actions or inaction of the candidate, the legal entity in which he/she currently or previously served as an executive body member, Supervisory Council member, or decisive owner (shareholder), or controlled or controls by other means, was brought to insolvency and compulsory liquidation; the absence of evidence confirming unjustified negative financial indicators of the legal entity or its separate subdivision where the candidate worked (worked) as a manager; (The sixteenth subparagraph of paragraph 90 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753); the absence of cases where measures and sanctions were applied by the financial sector supervisory authority of the Republic of Uzbekistan or a foreign state to the legal entity in which the candidate currently or previously served as an executive body member, Supervisory Council member, member of the bank's Islamic Finance Council, or decisive owner (shareholder), or controlled or controls by other means, for gross and serious violations; the absence of documents of internal and external audit regarding the candidate stating inappropriate activity in previous managerial positions indicated in Paragraph 77 of these Regulations; the absence of disciplinary measures or individual measures and sanctions applied to the candidate; the absence of other factors that could negatively affect the image and reputation of the bank if the candidate is consulted. See previous edition.

Section 2. Experience, Knowledge and Skills (The title of Section 2 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition.

91. The candidate's experience, knowledge, and skills are assessed taking into account the systemic importance, nature, scale, and complexity of the bank's activities, as well as the obligations imposed on it. (Paragraph 91 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753). See previous edition.

92. When assessing the candidate's compliance with the established criteria for experience, knowledge, and skills, the Central Bank takes into account the following: (The first subparagraph of paragraph 92 was edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, dated 17.07.2026), effective 20.07.2026, No. 10/26/3252-7/0753); the business plan of the bank for the last reporting period, the volume of total assets, customers' deposits and/or the bank's total turnovers; whether the bank belongs to a banking group; the geographical location of the bank, the network of branches and other separate subdivisions; the results of inspections and assessments conducted by the Central Bank on the bank's activities over the last three years; the nature and complexity of the bank's financial instruments, contracts, and products. See previous edition.

93. To confirm compliance with the established criteria for knowledge and skills, the candidate must demonstrate knowledge corresponding to the systemic importance, nature, scale, and complexity of the bank, as well as the obligations imposed on it, and must have at least the following information:

1. for members of the Supervisory Council, including its Chairman — higher education in finance and economics or law, as well as in information technology and other specialties depending on the main direction and nature of the bank;

2. for members of the bank's Executive Committee, including its Chairman and Deputy Chairmen — higher education in finance and economics, law, or information technology. In this case, the majority of Executive Committee members must have higher education in finance and economics;

3. for the Islamic Finance Council of the bank: for at least three members, including the Chairman and Deputy Chairman — higher education in Islamic studies, Islamic law (fiqh), usul al-fiqh, or fiqh al-muamalat specialties, or higher education in a specialty where these subjects are taught; for remaining members (if the bank's Islamic Finance Council has more than three members) — higher education in finance and economics, law, or specialties indicated in the second subparagraph of this sub-paragraph;

4. for significant employees of the bank (excluding the managerial employee responsible for the bank's Islamic banking activity), liquidators, temporary administrators, or special managers — higher education in finance and economics and other specialties depending on the main direction and nature of the bank;

5. for the managerial employee responsible for the bank's Islamic banking activity — higher education in finance and economics or Islamic finance and one of the following certificates issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), except in cases where the candidate has higher education or a scientific degree in Islamic finance: CIPA (Certified Islamic Professional Accountant) certificate; CSAA (Certified Shariʼah Advisor and Auditor) certificate; CPSS (Certificate of Proficiency in Shariʼah Standards) certificate; CPAAGE (Certificate of Proficiency in Audit, Assurance, Governance and Ethics) certificate;

CSE (Certified Shariʼah Expert) certificate.

At least one member of the bank’s Islamic Finance Council and, starting from July 1, 2027, all members must hold one of the following certificates issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), except in cases where the candidate holds a scientific degree in the field of Islamic finance and/or in the fields specified in the second subparagraph of sub-item 3 of this item:

CIPA (Certified Islamic Professional Accountant) certificate;

CSAA (Certified Shariʼah Advisor and Auditor) certificate;

CPSS (Certificate of Proficiency in Shariʼah Standards) certificate;

CPAAGE (Certificate of Proficiency in Audit, Assurance, Governance and Ethics) certificate;

CSE (Certified Shariʼah Expert) certificate. (Paragraph 93 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

94. To confirm compliance with the established criteria for experience, the candidate must have experience in the last 15 years commensurate with the systemic importance, nature, scale, and complexity of the bank, as well as the obligations imposed on it. In this regard, the candidate’s previous job responsibilities and their duration, the scale of the organization that employed them, the number of subordinates, and the nature and complexity of the activities performed are calculated as follows:

1. for members of the bank’s supervisory board, including its chairman — at least 5 years of work experience, including at least 3 years in managerial positions and/or academic experience in the fields of law, information technology, and financial and economic sciences;

2. for the bank’s management chairman — at least 10 years of work experience in the banking and/or financial system, including at least 5 years of work experience in managerial positions;

3. for members of the bank’s management, excluding the management chairman — at least 5 years of work experience in the banking and/or financial system, including at least 3 years of work experience in managerial positions;

4. for members of the bank’s Islamic Finance Council:

members with higher education in the fields of Islamic studies, Islamic law (fiqh), usul al-fiqh, or fiqh al-muamalat, or in a specialty where these subjects are taught (hereinafter in the text referred to as a member specializing in Islamic law) — at least 5 years of work experience in the field of applying Islamic law, including providing advice on Islamic law, conducting research or pedagogical activities in the field of Islamic law;

members with higher education in financial-economic or legal specialties (hereinafter in the text referred to as a technical expert member) — at least 7 years of work experience in the banking and/or financial system and/or in the field of law;

5. for employees of significant importance of the bank, excluding the chief accountant and the managerial employee responsible for the bank’s Islamic banking activities — at least 5 years of work experience in the banking and/or financial system, including at least 3 years of work experience in managerial positions;

6. for the chief accountant — at least 5 years of work experience in the field of accounting and/or preparing financial reports, including at least 3 years of work experience in the position of head or deputy head of the organizational unit responsible for the bank’s accounting and/or preparing financial reports, and/or work experience as an auditor in organizations conducting audit inspections of credit institutions;

7. for the managerial employee responsible for the bank’s Islamic banking activities — at least 7 years of work experience in the banking and/or financial system;

8. for the liquidator, temporary administrator, or special administrator of the bank — at least 5 years of work experience in the banking and/or financial system, including at least 3 years of work experience in managerial positions.

For the purposes of the established requirements regarding experience, a managerial position is understood as the activity of a person responsible for managing a specified number of employees and processes based on assigned obligations.

In this regard, work related to coordinating issues of ensuring security and conducting economic activities is not counted as work experience. (Paragraph 94 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

95. A member of the bank’s supervisory board and management must demonstrate a good understanding of the bank’s activities and the risks the bank may face, and a member of the bank’s Islamic Finance Council must demonstrate a good understanding of the bank’s Islamic banking activities and the risks associated with Islamic banking activities the bank may face. In this regard, the candidate’s knowledge in areas where they are jointly responsible with other members of the bank’s supervisory board and management is taken into account, excluding areas where they are individually responsible. (Paragraph 95 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753)

3-§. Independence of Judgment See previous edition.

96. Members of the bank’s supervisory board, management, Islamic Finance Council, employees of significant importance, liquidator, special administrator, and temporary administrator must have the opportunity to make reasoned, objective, and independent decisions in performing their duties. (Paragraph 96 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753)

97. When assessing the independence of the candidate’s judgment, attention is paid to the presence and degree of the following actual or potential conflicts of interest: a) personal conflict of interest. If the candidate is a close relative of or has close relationships with members of the bank’s supervisory board, management, and/or Islamic Finance Council, employees of significant importance, or a controlling shareholder; (Sub-item 'a' of Paragraph 97 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

b) professional conflict of interest. If the candidate or their close relatives have held or are currently holding equivalent positions in competitor banks or organizations with significant commercial ties with the bank or any of its competitors in the last 2 years; (Sub-item 'b' of Paragraph 97 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 32/1 dated December 3, 2025 (resistration number 3252-6, 05.01.2026) edition — , 07.01.2026, 10/26/3252-6/0018)

c) financial conflict of interest. If the candidate or persons related to them currently have significant financial interests or obligations with:

the bank;

the controlling shareholder;

organizations in which the bank holds dominant shares;

any competitors of the bank;

any clients of the bank;

d) political conflict of interest. If the candidate or persons related to them have held or are currently holding a high political position in the last two years. See previous edition.

97 1 . A member of the bank’s Islamic Finance Council cannot be a controlling shareholder, a member of the supervisory board, a member of the management, or an employee of this bank. (Paragraph 97 1 introduced on the basis of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

4-§. Sufficiency of Time

98. The candidate must have a sufficient amount of time to perform their duties, including understanding the bank’s activities, its main risks and risk management strategies, as well as business strategies.

99. When assessing the sufficiency of the candidate’s time, the following are taken into account: See previous edition.

the number of organizations where the candidate is a member of the supervisory board, executive body, or Islamic Finance Council, temporary administrator, special administrator, or liquidator; (Sub-item 2 of Paragraph 99 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

the size, nature, scale, complexity of activities, and geographic location of organizations where the candidate is a member of the supervisory board, executive body, or Islamic Finance Council, temporary administrator, special administrator, or liquidator; (Sub-item 3 of Paragraph 99 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753)

the number of supervisory board meetings and general meetings of shareholders held in organizations where the candidate is elected as a member of the supervisory board;

membership in the supervisory boards of non-profit or group-affiliated organizations;

the candidate’s other professional or political obligations within or outside the territory of the Republic of Uzbekistan;

the candidate’s participation in mandatory professional retraining and qualification improvement courses. See previous edition.

100. Based on the scale, nature, size, and complexity of the organization’s activities, as well as the nature and complexity of the professional obligations being performed, the candidate may hold managerial positions in several financial or non-financial organizations simultaneously and perform other professional obligations. In this regard, the following are prohibited for the candidate:

being a member of the supervisory board of five or more legal entities simultaneously;

being a member of the supervisory board of two or more banks simultaneously, except in cases where these banks belong to one banking group;

while being a member of the bank’s supervisory board, simultaneously being a member of the bank’s management or the management bodies of its branches and subordinate economic societies, or working in them on the basis of an employment contract (contract); See previous edition.

being a member of the Islamic Finance Council of two or more banks in the Republic of Uzbekistan and/or a member of two or more microfinance organizations, including special councils established under industry associations or unions to coordinate Islamic finance issues, simultaneously, except in cases where these banks or microfinance organizations belong to one banking group; (Sub-item 5 of Paragraph 100 added on the basis of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

while being a member of the bank’s management, an employee of significant importance, a temporary administrator, or a member of the liquidation commission, working on the basis of an employment contract (contract) in two or more other enterprises and organizations, including state bodies, simultaneously;

while being a member of the bank’s management, an employee of significant importance, a temporary administrator, or a member of the liquidation commission, being a member of the supervisory board of three or more other legal entities simultaneously. (Paragraph 100 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) edition — , 05.10.2022, 10/22/3252-1/0896) See previous edition. (Paragraph 101 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) lost its force — , 05.10.2022, 10/22/3252-1/0896)

5-§. Collective Suitability See previous edition.

102. At the same time as assessing the working reputation, experience, knowledge and skills, independence of judgment, and sufficiency of time of a member of the bank’s supervisory board, management, or Islamic Finance Council, their collective suitability is also assessed. (Paragraph 102 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

103. Assessment of collective suitability is carried out separately for members of the bank’s supervisory board, management, and Islamic Finance Council in the manner established in this paragraph. (Paragraph 103 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753)

104. The experience, knowledge, and skills of members of the bank’s supervisory board and management must collectively cover the following for effective and prudent management of the bank:

the main directions of the bank’s activities and the risks associated with them;

financial markets, including the money market and securities;

accounting and reporting;

risk management, including the identification, assessment, monitoring, control, and mitigation of the main types of risks the bank faces;

anti-money laundering, counter-terrorism financing, and counter-proliferation financing;

internal audit;

information technology and security;

regulatory and legal acts of the Republic of Uzbekistan;

strategic planning capabilities, as well as understanding and implementing the bank’s business plan and business strategy;

management experience and skills; See previous edition.

environmental, social, and corporate governance (ESG) principles, as well as managing risks related to climate change. (Sub-item 8 of Paragraph 104 added on the basis of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 32/1 dated December 3, 2025 (resistration number 3252-6, 05.01.2026) — , 07.01.2026, 10/26/3252-6/0018) See previous edition.

104 1 . The experience, knowledge, and skills of members of the bank’s Islamic Finance Council must collectively cover the following for effective coordination of the implementation of Islamic banking activities in the bank in accordance with Islamic finance standards:

Islamic finance standards;

the main directions of Islamic banking activities and the risks associated with them;

risk management, including the identification, assessment, monitoring, control, and mitigation of risk types associated with Islamic banking activities;

regulatory and legal acts of the Republic of Uzbekistan regarding Islamic banking activities. (Paragraph 104 1 introduced on the basis of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

105. The majority of supervisory board members should not be persons related to the bank, except for their membership in the supervisory board. If a candidate recommended for membership on the supervisory board was one of the persons specified in Part 2 of Article 24 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities" in the last 2 years, such person is considered non-compliant with this requirement. See previous edition.

106. At least one member of the bank’s supervisory board and at least two members of the management and Islamic Finance Council must know the state language.

All members of the bank’s Islamic Finance Council specializing in Islamic law must know Arabic, including the ability to understand and interpret primary sources on Islamic law issues in Arabic. (Paragraph 106 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

106 1 . At least two-thirds of the members of the bank’s Islamic Finance Council specializing in Islamic law must be citizens of the Republic of Uzbekistan. (Paragraph 106 1 introduced on the basis of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

Chapter 3. Documents Submitted for Candidate Consent See previous edition.

107. The bank submits the following to the Central Bank for candidate consent:

1. an application signed by the bank’s management chairman;

2. a copy of the resolution of the bank’s authorized body on the election (appointment) of the candidate to the position, or a copy of the order of the management chairman on the appointment of the candidate to the position;

3. a copy of the document specifying in detail the rights and obligations of the candidate;

4. a document reflecting the results of the initial assessment conducted by the bank to determine the candidate’s compliance with the requirements of this Regulation;

5. a questionnaire filled out by the candidate in accordance with Appendix 11 of this Regulation;

6. an objective-information sheet of the candidate in the form specified in Appendix 12 of this Regulation;

7. a copy of the citizen’s passport of a non-resident natural person;

8. a copy of the document confirming the candidate’s work experience, except for a copy of the document confirming work experience accumulated in the Republic of Uzbekistan;

9. a copy of the document confirming the candidate’s higher education, except for a copy of the document confirming higher education obtained within the territory of the Republic of Uzbekistan; See previous edition.

10. a certificate of no criminal record issued by the competent authorities of all states where the candidate has had, has lived for more than 90 days, or is currently living in the last 90 days (excluding the Republic of Uzbekistan). (Sub-item 10 of Paragraph 107 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 27/10 dated November 14, 2025 (resistration number 3709, 21.11.2025) edition — , 24.11.2025, 10/25/3709/1082) See previous edition.

108. Persons recommended for the position of temporary administrator or membership on the liquidation commission during the bank’s liquidation submit to the Central Bank the documents specified in sub-items 1 and 5–10 of Paragraph 107 of this Regulation, and additionally submit the following: (Sub-item 1 of Paragraph 108 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) edition — , 05.10.2022, 10/22/3252-1/0896) See previous edition.

1. a certificate regarding the absence of a conflict of interest between the candidate or their close relatives and the bank, specifically: (Sub-item 1 of Paragraph 108 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) edition — , 05.10.2022, 10/22/3252-1/0896) See previous edition.

regarding obligations, ownership rights, or work activity towards the bank; (Sub-item 1 of Paragraph 108 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) edition — , 05.10.2022, 10/22/3252-1/0896)

regarding relationships as a controlling shareholder or employee of other banks in the last 5 years; See previous edition.

regarding ownership of property competing with the bank’s real estate, if the valuation, disposal, or management of such property is planned during the liquidation or temporary administration process; (Sub-item 1 of Paragraph 108 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) edition — , 05.10.2022, 10/22/3252-1/0896) See previous edition.

regarding any financial and business interests or circumstances that could hinder the impartial performance of the duties of the bank’s liquidator or temporary administrator during the liquidation process; (Sub-item 1 of Paragraph 108 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) edition — , 05.10.2022, 10/22/3252-1/0896)

2. information regarding the absence of a conflict of interest resulting from the candidate’s personal interests and relationships with the Central Bank, or information about such a conflict if it exists. See previous edition. (Paragraph 109 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) lost its force — , 05.10.2022, 10/22/3252-1/0896)

110. In cases where a set of documents is submitted with deficiencies and/or incompleteness, the Central Bank sends a notice to the bank within 10 working days from the date of submission of these documents, listing the deficiencies to be eliminated and/or documents to be submitted.

111. During the review of the candidate’s documents, if changes are made to the submitted documents, the bank is obliged to notify the Central Bank and submit the documents with the relevant changes.

Chapter 4. Decision on Candidate Consent

112. A decision on candidate consent is made within 30 days from the date the complete set of documents is approved in the established manner and fully submitted to the Central Bank. See previous edition.

113. If the submitted documents are insufficient for making a decision on candidate consent, the Central Bank has the right to request additional documents from the bank, consult with ministries, departments, state and economic management bodies, and other legal entities regarding the candidate’s activities. (Sub-item 1 of Paragraph 113 of the Order of the Minister of Justice of the Republic of Uzbekistan No. 6-mh dated February 12, 2024 (resistration number 3495, 12.02.2024) edition — , 13.02.2024, 10/24/3495/0122)

The bank must submit the additionally requested documents to the Central Bank within a period not exceeding 20 days, and in cases involving non-residents, within a period not exceeding 30 days. In this regard, the deadline for candidate consent is suspended. See previous edition.

114. The Central Bank has the right to conduct an interview with the candidate to assess their practical and theoretical knowledge in the field of banking activities necessary for performing their duties, understanding of banking activities and potential risks, and proficiency in the state language or Arabic. (Paragraph 114 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (resistration number 3252-7, 17.07.2026) edition — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

115. The Central Bank notifies the bank about the interview with the candidate and the date of its conduct. The bank must ensure the candidate’s presence at the Central Bank on the specified day and time for participation in the interview or connection to the video conferencing system. (Sub-item of Paragraph 115 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (resistration number 3252-1, 05.10.2022) edition — , 05.10.2022, 10/22/3252-1/0896)

116. The interview with the candidate is conducted by the Central Bank after the candidate’s identity is established in accordance with the identity document, with the candidate participating in person.

117. The Central Bank returns submitted documents without consideration in the following cases:

See previous edition.

if the candidate's prior approval leads to a violation of the requirements of paragraphs 100 and 105 of these Regulations; (The second paragraph of paragraph 117 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

if there is a criminal case initiated against the candidate;

if additional documents requested by the Central Bank in accordance with paragraph 113 of these Regulations are not submitted within the established deadline; See previous edition.

if the candidate is not present at the interview at the specified time and there is no application substantiating the reasons for non-attendance, or if the reasons stated in the application are not deemed valid by the Central Bank. (The fifth paragraph of paragraph 117 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

118. The Central Bank makes a decision to approve or reject the candidate based on the submitted documents, the results of the conducted interview, and/or other information available to the Central Bank regarding the candidate. See previous edition.

119. The decision to approve or reject the candidate is sent to the bank in writing, including in electronic form via the information and communication system, within three working days from the date the decision is made. (Paragraph 119 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

120. The Central Bank makes a decision to reject the candidate's approval on the following grounds:

if the candidate does not meet one or more criteria and requirements established by these Regulations;

if documents containing false information are submitted. See previous edition.

121. If the candidate does not meet the criteria of experience, knowledge and skills, independence of judgment, or sufficiency of time, the Central Bank may make a decision to approve the candidate subject to certain conditions. In such a case, the candidate has the right to assume the position after the conditions specified in the decision to approve the candidate are fulfilled. (Paragraph 121 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

122. A person appointed to a position of a significant employee of the bank without prior approval from the Central Bank due to objective reasons must be released from the occupied position within 10 working days from the day the bank receives the Central Bank's notification regarding the decision to reject the approval. See previous edition.

123. A manager or employee who has passed the consent process may be invited to undergo an additional interview by the Central Bank to check their compliance with the requirements of these Regulations during their subsequent activities. (Paragraph 123 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

Chapter 5. Notifications and Accountability See previous edition. (Paragraph 124 was invalidated based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

125. The bank must notify the Central Bank in writing within 5 working days about the transfer of the manager to another position where re-approval with the Central Bank is not required in accordance with these Regulations. The notification must include the reason for these changes and a copy of the decision by the competent body to transfer the person to another position.

126. The bank must notify the Central Bank in writing within 2 working days about the manager no longer meeting the requirements of these Regulations and the existence of information affecting their activities for the effective and prudent management of the bank. See previous edition.

127. If the powers of a member of the bank's supervisory board and Islamic finance council are terminated early, or if the employment contract of a management member or chief accountant is terminated and/or they are transferred to another position, the bank must notify the Central Bank in writing within one working day from the date the decision is made, indicating the reasons. In cases involving significant employees, this period is 5 working days, excluding the chief accountant. (Paragraph 127 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753) See previous edition.

128. At the initiative of the bank, in cases where employment contracts with other employees participating in financial operations are terminated as a result of violations of labor legislation requirements, the bank must notify the Central Bank in writing within 10 working days from the date the decision is made, indicating the reasons. By "employees directly participating in the implementation of financial operations" in these Regulations, bank employees involved at any stage of implementing financial operations are understood. (Paragraph 128 was edited by Order No. 16-mh of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, dated 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

See previous edition.

129. The bank must submit candidates meeting the requirements of these Regulations to the Central Bank for approval within 30 working days to fill positions vacated as a result of the transfer of management members and significant employees and/or the termination of employment contracts with them. This procedure applies to members of the supervisory board in the following cases: (The first paragraph of paragraph 129 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753) See previous edition.

if their number constitutes 75 percent or less of the amount specified in the Bank's Charter and/or less than the minimum requirement established by legislation on banks and banking activities; (Paragraph 129's second paragraph was edited by Order No. 16-mh of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, dated 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

if as a result of reduction their number constitutes an even number;

if the bank violates the established requirements regarding the number of persons not related to the bank in the composition of the supervisory board, excluding their membership in the supervisory board. See previous edition.

If the number of members of the bank's Islamic finance council constitutes less than the minimum amount established by legislation on banks and banking activities as a result of the termination of membership of one or more of its members, the bank must elect persons meeting the requirements of these Regulations for membership in the Islamic finance council and submit them to the Central Bank for approval within 30 working days from the day the situation arose. (Paragraph 129 was supplemented with a fifth paragraph based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

SECTION IV. BRANCHES, REPRESENTATIVE OFFICES, AND SEPARATE UNITS OF BANKS

Chapter 1. Procedure for Establishing and Closing Bank Branches See previous edition.

130. Banks may open branches in the Republic of Uzbekistan having notified the Central Bank. See previous edition.

A bank branch is opened and closed in accordance with the decision of the bank's supervisory board and carries out its activities based on the relevant license (licenses) for banking activities granted to the bank and the regulation on the branch approved by the bank's supervisory board. (The second paragraph of paragraph 130 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753) See previous edition.

131. Banks must send a notification to the Central Bank in the manner specified in paragraphs 132 and 139 of these Regulations regarding the opening or closing of their branch.

Activities carried out without notifying the Central Bank in the prescribed manner regarding the opening or closing of a bank branch are illegal. (Paragraph 131 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) See previous edition.

See previous edition.

132. When opening a branch, and provided that the bank complies with the requirements and conditions specified in paragraph 132-1 of these Regulations, the bank must submit the following to the Central Bank no later than 30 days from the date of obtaining the opinion specified in the fifth paragraph of this paragraph: (The first paragraph of paragraph 132 was edited by Resolution No. 17/21 of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 (registration number 3252-4, dated 24.06.2024) — , 25.06.2024, No. 10/24/3252-4/0443) See previous edition.

a written notification in the form specified in Appendix 13 to these Regulations regarding the opening of the bank branch; (Paragraph 132 was supplemented with a second paragraph based on Resolution No. 17/21 of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 (registration number 3252-4, dated 24.06.2024) — , 25.06.2024, No. 10/24/3252-4/0443)

the decision of the bank's supervisory board on opening the branch;

information confirming the compliance of the branch manager and chief accountant with the requirements specified in paragraphs 134-1 and 134-2 of these Regulations;

the opinion of the Central Bank's territorial main department in the location of the branch building, in the form specified in Appendix 4 to these Regulations, regarding the compliance of the branch building, its security, equipment, organizational and technical means, and software with the Central Bank's requirements. (Paragraph 132 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) See previous edition.

132-1. To send a notification about opening a bank branch to the Central Bank, the bank must comply with the following requirements and conditions:

the bank must have a stable financial position;

the branch manager and chief accountant must meet the qualification requirements specified in paragraphs 134-1 and 134-2 of these Regulations;

the branch building, its security, equipment, organizational and technical means, and software must comply with the Central Bank's requirements. (Paragraph 132-1 was introduced based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

133. Property of the bank is attached to the branch, and it has a name fully matching the bank's name with the word "branch" added.

134. The branch manager is appointed by the competent management body of the bank in accordance with the bank's charter and operates based on a power of attorney issued in the prescribed manner. The power of attorney must list the powers of the branch manager. See previous edition.

134-1. The branch manager must meet the following requirements:

have higher education in the financial-economic field;

have at least 5 years of work experience in the banking-financial sector, including at least 2 years of work experience in managerial positions;

not have an unexpunged or removed criminal record for crimes in the economic sphere, crimes against the order of management, or crimes related to the legalization of income obtained from criminal activities, financing of terrorism, and proliferation of weapons of mass destruction;

not have led to insolvency and compulsory liquidation as a result of the actions or inaction of a legal entity in which they are a member of the executive body, a member of the supervisory board, or a participant (shareholder) with controlling ownership, or otherwise controlled by them;

not be a close relative of one who holds a managerial or materially liable position in one bank, where the other works directly subordinate to or under the control of the first. (Paragraph 134-1 was introduced based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) See previous edition.

134-2. The branch chief accountant must meet the following requirements:

have higher education in the financial-economic field;

have at least 5 years of work experience in the banking-financial sector, including at least 2 years of work experience in a structural unit of the bank responsible for accounting and/or preparing financial reports. (Paragraph 134-2 was introduced based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) See previous edition.

135. When a decision is made to change the location (postal address) of a bank branch, the bank must send a written notification to the Central Bank regarding the change of the branch's location (postal address) within 10 working days from the date of obtaining the opinion specified in the third paragraph of this paragraph. The following must be attached to the notification:

the decision of the bank's supervisory board on changing the location (postal address) of the bank branch. The decision must specify the new address of the branch;

the opinion of the Central Bank's territorial main department in the location of the new branch building, in the form specified in Appendix 4 to these Regulations, regarding the compliance of the branch building, its security, equipment, organizational and technical means, and software with the Central Bank's requirements;

information on the impact of the change of the branch address on depositors and creditors.

If the postal address of a bank branch changes as a result of changes in the names of administrative-territorial units (regions, districts, cities), populated areas, and their structural parts (mahallas, avenues, streets), the bank must send a written notification to the Central Bank with documents confirming these changes within 20 working days from the date the changes occurred. (Paragraph 135 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

See previous edition.

136. The bank is not entitled to change the location (postal address) of its branch in the following cases: (The first paragraph of paragraph 136 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) See previous edition. (The second paragraph of paragraph 136 was issued based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) See previous edition.

if the new building of the bank branch, its security, equipment, organizational and technical means, and software do not comply with the Central Bank's requirements; (The second paragraph of paragraph 136 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

if the building of the bank branch, its security, equipment, organizational and technical means, and software do not comply with the Central Bank's requirements;

if there are grounds indicating a threat to the safety of depositors' and creditors' funds as a result of the change of the branch's location. See previous edition.

136-1. If the name of a bank branch changes, the bank must send a written notification to the Central Bank attaching the decision of the supervisory board on changing the branch name within 10 working days from the date the decision is made. (Paragraph 136-1 was introduced based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

137. If a decision is made to close a branch by the bank, the bank must notify customers 15 days before the closure of the branch and take measures to ensure the fulfillment of its obligations to them or transfer these obligations to another branch with the customer's agreement.

138. Within 2 working days from the date the decision to close the branch is made, the bank must submit to the Central Bank the following:

a notification indicating the reasons and deadlines for the closure of the branch;

the decision of the bank's supervisory board on closing the branch;

a plan to ensure the fulfillment of obligations to customers. See previous edition.

139. After the completion of the branch liquidation process, the bank must send a written notification to the Central Bank regarding the termination of the bank branch, attaching the following: (The first paragraph of paragraph 139 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) See previous edition. (The second paragraph of paragraph 139 was issued based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896) See previous edition.

the decision of the bank's competent management body on forming a liquidation commission for the branch; (The second paragraph of paragraph 139 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

the decision on forming the liquidation commission of the branch;

the balance sheet of the bank branch on the last working day;

the liquidation (zero) balance sheet;

the liquidation (zero) balance sheet for off-balance sheet accounts;

the act confirming the allocation of the bank branch's documents and files for destruction;

the act of acceptance and transfer of documents for storage in the archive;

documents confirming the destruction of the bank branch's seals and stamps;

a copy of the announcement of the branch's closure posted on the bank's official website. See previous edition. (Paragraph 140 was invalidated based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

Chapter 2. Subsidiary Banks, Branches, and Representative Offices of Banks Abroad See previous edition.

141. Banks, except for microfinance banks, may open subsidiary banks and establish branches abroad, participate in the capital of banks, including in the establishment of foreign banks, with the permission of the Central Bank in the cases specified in Article 31 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities".

Microfinance banks are prohibited from opening banks and representative offices abroad, establishing branches, participating in the capital of foreign banks, including in the establishment of foreign banks. (Paragraph 141 was edited by Resolution No. 9/1 of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025 (registration number 3252-5, dated 24.04.2025) — , 25.04.2025, No. 10/25/3252-5/0381)

142. To open a subsidiary bank abroad, establish a branch, participate in the capital of banks, including in the establishment of foreign banks, the bank must submit an application to the Central Bank in the form specified in Appendix 14 to these Regulations, attaching the following:

the decision of the bank's supervisory board on opening a subsidiary bank abroad, establishing a branch, participating in the capital of banks, including in the establishment of foreign banks;

the economic justification for opening a subsidiary bank abroad, establishing a branch, participating in the capital of banks, including in the establishment of foreign banks;

information about candidates being appointed to managerial positions (members of bank management bodies, branch managers);

information on the supervision regime in the receiving state. See previous edition.

143. The Central Bank considers the application within a period not exceeding 20 working days from the date the documents specified in paragraph 142 of these Regulations are submitted in full volume. (Paragraph 143 was edited by Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 3252-1, dated 05.10.2022) — , 05.10.2022, No. 10/22/3252-1/0896)

144. The Central Bank may refuse to open a subsidiary bank abroad, establish a branch, participate in the capital of banks, including in the establishment of foreign banks, if the bank fails to comply with the requirements specified in paragraph 141 of these Regulations, and also if the Central Bank identifies the following:

the bank supervision in the receiving state is not sufficient and effective, including on a consolidated basis;

there is no opportunity for effective cooperation with the supervisory authorities of the receiving state, including the opportunity for information exchange.

145. If the location of the head of the bank's subsidiary bank or branch abroad changes, the bank must notify the Central Bank in writing within 5 working days from the date the relevant decision is made by the bank's management body. See previous edition.

146. The subsidiary banks and representative offices of the bank are opened and/or branches are established in accordance with the legislation of the country where they are opened and/or established. (Paragraph 146 was edited by Order No. 16-mh of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, dated 28.07.2021) — , 28.07.2021, No. 10/21/3313/0724)

147. If a decision is made to open a representative office abroad, close a subsidiary bank, representative office, or branch, and also to sell shares of a foreign bank, the bank must notify the Central Bank within 30 days from the date such decision is made and provide information on how this decision affects the financial stability of the bank.

Chapter 3. Other Units of Banks

148. Banks have the right to establish bank service offices in the Republic of Uzbekistan for the purpose of providing prompt services to customers. See previous edition.

149. The Bank Services Office is considered a structural subdivision of the bank and has a single bank (branch) balance sheet and code shared with the bank or its branch. (Paragraph 149 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025 No. 9/1 (registration number 3252-5, 24.04.2025) — , 25.04.2025, 10/25/3252-5/0381)

150. The Bank Services Office may have various names using the words "minibank", "retail service center", "bank services center", and other words and word combinations. See previous edition. (Paragraph 151 lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896) See previous edition. (Paragraph 152 lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896)

151. The presence of a branch of the bank in the territory where the Bank Services Office is being established is not required.

152. Bank Services Offices may be established with a cash vault or without a cash vault (in cases where a contract for the storage of valuables is concluded). See previous edition. (Paragraph 155 lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated December 29, 2022 No. 30/7 (registration number 3252-2, 24.01.2023) — , 25.01.2023, 10/23/3252-2/0052) See previous edition.

153. Bank Services Offices are opened upon notification to the Central Bank. (Paragraph 156 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896) See previous edition.

See previous edition.

157. When opening a Bank Services Office, and provided that the bank complies with the requirements and conditions specified in paragraph 158 of these Regulations, the bank submits the following to the Central Bank without delay from the date of obtaining the conclusion specified in the fourth sub-paragraph of this paragraph, within 30 days: (First sub-paragraph of paragraph 157 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 No. 17/21 (registration number 3252-4, 24.06.2024) — , 25.06.2024, 10/24/3252-4/0443) See previous edition.

• a written notification in the form specified in Annex 13 to these Regulations regarding the opening of the Bank Services Office; (Paragraph 157 supplemented by a second sub-paragraph based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 No. 17/21 (registration number 3252-4, 24.06.2024) — , 25.06.2024, 10/24/3252-4/0443)

• the decision of the bank's authorized management body regarding the opening of the Bank Services Office;

• the conclusion of the Central Bank's territorial main department in the area where the Bank Services Office is located, provided in the form specified in Annex 4 to these Regulations, regarding the compliance of the premises of the Bank Services Office, the provision of its protection, equipment, organizational and technical means, and software with the requirements of the Central Bank. (Paragraph 157 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896) See previous edition.

158. To send a notification about the opening of a Bank Services Office to the Central Bank, the bank must comply with the following requirements and conditions:

• the bank must have a stable financial position;

• the premises of the Bank Services Office, the provision of its protection, equipment, organizational and technical means, and software must comply with the requirements of the Central Bank. (Paragraph 158 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896) See previous edition.

159. When a Bank Services Office is terminated, the bank sends a written notification to the Central Bank regarding the termination of the Bank Services Office, attaching the following:

• the decision of the bank's authorized management body regarding the termination of the Bank Services Office;

• a copy of the announcement regarding the termination of the Bank Services Office posted on the bank's official website or in other mass media. (Paragraph 159 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896)

160. Information about the closure of a Bank Services Office must be announced on the bank's website or in other mass media at least 15 days before its termination. See previous edition.

161. When the name of a Bank Services Office is changed, the bank sends a written notification to the Central Bank, attaching the decision of the bank's authorized body on changing the name of the Bank Services Office, without delay from the date the decision is adopted, within 10 working days. (Paragraph 161 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896) See previous edition.

162. When a decision is adopted to change the location (postal address) of a Bank Services Office, the bank sends a written notification to the Central Bank regarding the change of the location (postal address) of the Bank Services Office, without delay from the date the conclusion specified in the third sub-paragraph of this paragraph is issued, within 10 working days. The following are attached to the notification:

• the decision of the bank's authorized body regarding the change of the location (postal address) of the Bank Services Office. The decision must specify the new address of the Bank Services Office;

• the conclusion of the Central Bank's territorial main department in the area where the Bank Services Office is located, provided in the form specified in Annex 4 to these Regulations, regarding the compliance of the new premises of the Bank Services Office, the provision of its protection, equipment, organizational and technical means, and software with the requirements of the Central Bank.

If the postal address of the Bank Services Office changes as a result of a change in the names of administrative-territorial units (regions, districts, cities), populated areas, and their structural parts (mahallas, boulevards, streets), the bank sends a written notification to the Central Bank, attaching documents confirming such changes, without delay from the date the changes occur, within 20 working days. (Paragraph 162 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896)

SECTION V. PROCEDURE FOR REGISTRATION OF AMENDMENTS AND ADDITIONS TO THE CHARTER

Chapter 1. General Provisions

163. All amendments and additions to the bank's charter must be registered with the Central Bank.

164. A decision on introducing amendments and/or additions to the bank's charter is adopted by the general meeting of shareholders by a majority vote of shareholders who are owners of shares with voting rights participating in the general meeting, amounting to three-quarters.

Issues of increasing the charter capital, as well as introducing amendments and/or additions to the bank's charter related to increasing the charter capital and reducing the number of announced shares, may be included in the decision of the general meeting of shareholders or within the competence of the bank's supervisory board according to the bank's charter. See previous edition.

In a bank where all ordinary shares belong to a single shareholder, decisions on introducing amendments and/or additions to the bank's charter are adopted individually by this shareholder and must be formalized in writing, except for cases where the bank's preferred shares, in accordance with legislative acts, lose the right to vote. (Third sub-paragraph of paragraph 164 amended by the Order of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 No. 16-mh (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724) See previous edition.

165. To register amendments and/or additions to the charter, the bank submits an application to the Central Bank within 30 days from the date the relevant decision is adopted, attaching two copies of the following documents:

• a copy of the decision of the relevant authorized management body of the bank on introducing amendments and/or additions to the charter (a decision adopted individually by a single shareholder, a protocol of the general meeting of shareholders, a protocol of the supervisory board meeting);

• amendments and/or additions to the bank's charter signed by the chairman of the bank's supervisory board (or if absent, by one of the members of the supervisory board). (Paragraph 165 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 No. 17/21 (registration number 3252-4, 24.06.2024) — , 25.06.2024, 10/24/3252-4/0443)

See previous edition.

166. If the submitted documents comply with legislative acts and the requirements of these Regulations, the Central Bank considers the issue of registering amendments and/or additions to the bank's charter; otherwise, the documents are returned to the bank for reconsideration. (First sub-paragraph of paragraph 166 amended by the Order of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 No. 16-mh (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

The consideration and registration of amendments and/or additions to the charter are carried out within 30 days. See previous edition.

167. If the volume of amendments and/or additions to the bank's charter is large and complicates work with the charter, the Central Bank has the right to require the bank to additionally submit two copies of the new edition of the charter along with the documents specified in paragraph 165 of these Regulations. In this case, the Central Bank registers the bank's new edition of the charter. (Paragraph 167 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 No. 17/21 (registration number 3252-4, 24.06.2024) — , 25.06.2024, 10/24/3252-4/0443)

168. Amendments and/or additions to the bank's charter enter into force from the date they are registered with the Central Bank. Registered amendments and/or additions to the bank's charter are an integral part of it.

Chapter 2. Registration of Amendments and Additions to the Bank Charter Related to Increasing the Bank's Charter Capital

169. A change in the amount of the bank's charter capital may be carried out in the form of increasing or decreasing the amount of the charter capital.

170. The bank's charter capital may be increased by placing additional shares.

Additional shares may only be placed by the bank within the limits of the number of announced shares specified in the bank's charter.

171. To increase the charter capital, the authorized management body specified in paragraph 164 of these Regulations adopts a decision on introducing amendments and/or additions to the bank's charter regarding announced shares, including their quantity, nominal value, and types, if necessary.

172. The increase in charter capital is carried out in the amount of the nominal value of the placed additional shares. At the same time, the number of certain types of shares specified in the bank's charter must be reduced to the number of placed additional shares of that type.

173. The registration of the increase in the bank's charter capital, as well as amendments and/or additions regarding announced shares, is carried out in the procedure established by paragraphs 165 and 166 of these Regulations.

Chapter 3. Registration of Amendments and Additions to the Bank Charter Related to Decreasing the Bank's Charter Capital

174. The bank's charter capital may be decreased by reducing the nominal value of shares or reducing the total number of shares, including by the bank acquiring a part of the shares with their subsequent cancellation.

Decreasing the bank's charter capital by acquiring and canceling a part of shares is permitted if such an opportunity is provided for in the bank's charter.

175. If, as a result of the decrease in the bank's charter capital, its amount falls below the minimum amount of charter capital established by the Law of the Republic of Uzbekistan "On Banks and Banking Activity" on the date of registration of the relevant changes in the bank's charter, the bank is not permitted to decrease the amount of its charter capital.

176. A decision on decreasing the charter capital and introducing relevant amendments and/or additions to the bank's charter is adopted by the general meeting of shareholders. At the same time, the decision must specify the reasons for the decrease in charter capital and the procedure for its decrease.

When decreasing the charter capital by acquiring placed shares, the decision of the general meeting of shareholders on decreasing the charter capital must specify the types of shares to be acquired by the bank, the number of shares of each type to be acquired, the purchase price, the form and term of payment, as well as the term for the purchase of shares.

177. The registration of amendments and/or additions regarding the decrease in the bank's charter capital is carried out in the procedure established by paragraphs 165 and 166 of these Regulations.

Chapter 4. Registration of Amendments to the Bank Charter Related to Changing the Bank's Name

178. The bank's intended new name must comply with the requirements of the third paragraph of Chapter 1 of Section I of these Regulations.

179. For renaming the bank, a decision is adopted by the general meeting of shareholders on changing the bank's name and introducing amendments to the charter for this reason.

180. After the decision on changing the bank's name and introducing amendments to the charter is adopted, the bank submits the documents specified in paragraph 165 of these Regulations to the Central Bank within 30 days without delay. See previous edition.

181. The Central Bank considers the submitted documents regarding the registration of amendments to the bank's charter related to the change of the bank's firm name and the re-issuance of the relevant license (licenses) for the bank's activity under the new name. (Paragraph 181 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

182. After the amendments to the bank's charter related to the change of the bank's name are registered, the Central Bank makes the relevant entries in the State Register of Banks and issues the relevant license (licenses) for the bank's activity under the new name. (Paragraph 182 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

183. The new name of the bank enters into force from the date the relevant license (licenses) for the bank's activity under the new name is issued. (Paragraph 183 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

184. The bank must post information on its official website regarding the change of the bank's name. Such information must be posted within 2 working days from the date the bank's new name enters into force.

185. Information about the change of the bank's name is published on the official website of the Central Bank.

Chapter 5. Registration of Amendments to the Bank Charter Related to Changing the Bank's Location (Postal Address) See previous edition.

186. A change in the bank's location (postal address) requires the re-issuance of the relevant license (licenses) for the bank's activity. (Paragraph 186 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 No. 19/2 (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

187. When amendments are introduced to the bank's charter due to a change in the bank's location (postal address), the following are additionally submitted to the Central Bank in two copies along with the documents specified in paragraph 165 of these Regulations:

• a justified decision of the bank's authorized management body regarding the change of the bank's location (postal address);

• the conclusion of the Central Bank's territorial main department in the place where services are planned to be provided regarding the compliance of the bank's new premises, its protection, equipment, organizational and technical means, and software with the requirements of the Central Bank — if the bank's building has changed;

• documents confirming the change of the postal address of the Bank Services Office — if the name of the geographic object where the bank's building is located has changed, but the bank's building itself has not changed;

• information on the probability of the change in the bank's location affecting depositors and any changes expected in the bank's strategy as a result of such a change — if the bank is moving to another administrative-territorial unit (region, district, city, urban-type settlement, village, rural area). (Paragraph 187 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 No. 17/21 (registration number 3252-4, 24.06.2024) — , 25.06.2024, 10/24/3252-4/0443)

See previous edition.

188. The Central Bank refuses to register amendments to the bank's charter related to the change of the bank's location (postal address) in the following cases: (First sub-paragraph of paragraph 187 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 No. 17/21 (registration number 3252-4, 24.06.2024) — , 25.06.2024, 10/24/3252-4/0443) See previous edition.

• when the documents specified in paragraphs 165 and 187 of these Regulations are not submitted in full volume or when the submitted documents do not comply with legislative requirements; (Second sub-paragraph of paragraph 187 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 22, 2024 No. 17/21 (registration number 3252-4, 24.06.2024) — , 25.06.2024, 10/24/3252-4/0443)

• when the bank's new premises, its protection, equipment, organizational and technical means, and software do not comply with the requirements of the Central Bank;

• when there are grounds indicating a threat to the safety of depositors' and creditors' funds as a result of the change in the location of the bank's building.

189. The bank must post information on its official website regarding the change of the bank's location (postal address). Such information must be posted within 2 working days from the date the amendments to the bank's charter related to the change of the bank's location (postal address) are registered.

190. Information about the change of the bank's address is published on the official website of the Central Bank.

SECTION VI. REORGANIZATION AND LIQUIDATION OF BANKS

Chapter 1. Reorganization of Banks

Section 1. Procedure for Granting Permission for Bank Reorganization by the Central Bank See previous edition.

191. Reorganization of a bank is carried out with the permission of the Central Bank in the forms of merger, accession, division, separation, and transformation, in accordance with the decision of the general meeting of shareholders, taking into account the requirements of competition legislation. Reorganization of a bank may also be carried out at the request of the Central Bank. (Paragraph 191 amended by the Order of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 No. 16-mh (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

192. A decision on the reorganization of a bank is adopted by the general meeting of shareholders by a majority vote of shareholders who are owners of voting shares participating in the meeting, amounting to three-quarters.

193. Mandatory requirements and conditions for granting permission for the reorganization of a bank include:

• protection of the rights and legitimate interests of depositors as a result of reorganization; See previous edition.

• compliance by the newly formed and/or remaining banks with prudential norms and other requirements established by legislative acts on banks and banking activity as a result of reorganization;

• compliance with the requirements of competition legislation during the reorganization process; (Third and fourth sub-paragraphs of paragraph 193 amended by the Order of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 No. 16-mh (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

• the presence of rules regarding the rights and obligations of the legal successor in the transfer act or distribution balance sheet of the bank being reorganized.

194. To obtain permission for the reorganization of a bank, the applicant bank submits to the Central Bank the following:

• an application for granting permission for the reorganization of the bank in the form specified in Annex 15 to these Regulations, signed by a person authorized by the general meeting of bank shareholders;

• the decision of the general meeting of shareholders of the bank being reorganized regarding the reorganization of the bank;

• a substantiation of the economic feasibility of reorganization and financial forecasts of its consequences, including the estimated balance sheets of each newly formed and remaining bank after reorganization, except for the transformation of a bank;

• indicators of prudential norms calculated on the basis of the estimated balance sheets of banks participating in the reorganization and arising as a result of this process, except for the transformation of a bank;

• the new edition of the bank's charter approved by the general meeting of shareholders of the bank, except for the form of reorganization in the form of transformation of a bank. See previous edition.

195. The Central Bank considers the application for granting permission for the reorganization of a bank within a period not exceeding 20 working days from the date the application is received with all necessary documents. The Central Bank does not charge a fee for considering the application for granting permission for the reorganization of a bank. (Paragraph 195 amended by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/2 (registration number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896)

196. The following serve as grounds for refusing to grant permission for the reorganization of a bank:

• when the documents required for granting permission for the reorganization of a bank are not submitted in full volume;

• when the applicant does not comply with the mandatory requirements and conditions for granting permission;

• when there are incorrect or distorted information in the documents submitted by the applicant.

197. If the Central Bank refuses to reorganize the bank, the decision of the general meeting of shareholders regarding the reorganization of the bank is considered not genuine.

198. After the General Meeting of Shareholders adopts a decision on the reorganization of the bank, the reorganizing bank is obliged to notify its creditors of future changes in writing within a period not exceeding 30 days and publish a corresponding announcement on the official website of the bank. See previous edition.

199. After the applicant obtains a license in the established procedure from the Central Bank, it is necessary to obtain preliminary consent from the anti-monopoly authority in accordance with antitrust legislation. (Paragraph 199 edited by Order No. 16-mh dated July 28, 2021 of the Minister of Justice of the Republic of Uzbekistan (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

See: Law of the Republic of Uzbekistan "On Competition". See previous edition.

200. After obtaining the Central Bank's permission for reorganization in the form of merger, division, and separation, the necessary organizational and technical measures are carried out to register each newly formed bank in the state registry and obtain the relevant license (licenses) for banking activities in accordance with this Regulation. (Parentheses around paragraph 200 edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

201. Registration in the state registry and issuance of the relevant license (licenses) for banking activities to banks newly formed as a result of reorganization of the bank in the form of merger, division, and separation are carried out in the procedure established by this Regulation. (Parentheses around paragraph 201 edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753) See previous edition.

202. The fact that the Central Bank has granted permission for the reorganization of the bank cannot serve as a guarantee for registering banks newly formed as a result of reorganization in the state registry and issuing them the relevant license (licenses) for banking activities. (Parentheses around paragraph 202 edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

203. Amendments and additions to the charter of the bank related to the reorganization of the bank are carried out in accordance with Chapter 1 of Section V of this Regulation.

204. All expenses related to the reorganization of banks in the form of merger, acquisition, and transformation are carried out at the expense of the banks participating in the reorganization.

All expenses related to the division and separation of the bank are paid by the banks newly formed as a result of reorganization.

205. If necessary, the reorganizing bank must re-register all accounts of bank customers in the procedure established by the Central Bank.

206. The reorganizing bank is obliged to complete the reorganization process within six months from the date of obtaining permission from the Central Bank for reorganization.

207. Permission for reorganization of the bank is revoked on the following grounds:

upon application of the applicant to revoke the document granting permission;

when it is established that the document granting permission was obtained using forged documents.

Section 2. Merger of Banks

208. By merger of banks is understood the establishment of a new bank by terminating the activities of two or more banks and transferring their rights and obligations to it.

209. Participating banks in a merger conclude a merger agreement providing for the procedure and conditions of the merger, as well as the procedure for exchanging shares of each bank into shares of the newly formed bank. The supervisory board of each bank participating in the merger puts forward for consideration by the general meeting of shareholders the issue of approving the merger agreement and the acceptance certificate.

210. Approval of the charter of the newly formed bank and election of the supervisory board are carried out at the joint general meeting of shareholders of all banks participating in the merger, and this meeting is considered an inaugural meeting. The voting procedure at the joint general meeting of shareholders may be specified in the agreement on the merger of banks.

211. The newly formed bank is considered reorganized from the moment it is registered and an entry is made in the State Registry of Banks regarding the termination of activities of the reorganizing banks.

212. The legal aggregate file of the bank newly formed as a result of the merger of banks includes the merger agreement and acceptance certificates of the banks participating in the merger.

213. When banks are merged, the rights and obligations of each bank pass to the newly formed bank in accordance with the acceptance certificate.

214. The Central Bank publishes information on its official website about the emergence of a new bank as a result of the merger and the termination of activities of the reorganized banks.

Section 3. Acquisition of Banks

215. By acquisition of banks is understood the termination of their activities by transferring the rights and obligations of one or several banks to another bank.

216. The acquiring bank and the bank being acquired conclude an agreement providing for the procedure and conditions of the acquisition, as well as the procedure for exchanging shares of the bank being acquired into shares of the bank carrying out the acquisition. The supervisory board of each bank puts forward for consideration by the general meeting of shareholders of the banks participating in the acquisition the issue of approving the agreement on the reorganization of the bank in the form of acquisition and the acquisition. The supervisory board of the bank being acquired also puts forward the issue of approving the acceptance certificate to the general meeting of shareholders.

217. The joint general meeting of shareholders of banks participating in the adoption makes a decision on introducing amendments and additions to the charter and electing a new composition of the bank's supervisory board. The voting procedure at the joint general meeting of shareholders is specified in the agreement on the acquisition.

218. Banks participating in the acquisition are considered reorganized from the moment an entry is made in the State Registry of Banks regarding the termination of activities of the bank being acquired (with indication of the legal successor and the form of reorganization). The Central Bank registers the relevant amendments and additions introduced into the charter of the acquiring bank in accordance with Chapter 1 of Section V of this Regulation.

219. One copy of the documents submitted to the Central Bank is entered into the legal aggregate file of the bank being acquired.

220. All rights and obligations of the bank being acquired pass to the acquiring bank in accordance with the acceptance certificate.

221. The Central Bank publishes information on its official website about the reorganization of the acquired bank and the termination of its activities.

Section 4. Division of the Bank

222. By division of the bank is understood the termination of its activity by transferring its rights and obligations to newly formed banks.

223. The supervisory board of the bank being reorganized in the form of division puts forward for consideration by the general meeting of shareholders issues such as reorganization of the bank in the form of division, the procedure and conditions of this reorganization, the establishment of new banks, and the procedure for exchanging shares of the reorganizing bank into shares of the newly formed banks.

224. The general meeting of shareholders of the bank being reorganized in the form of division adopts a decision on reorganization of the bank in the form of division, the establishment of new banks, the procedure for exchanging shares of the reorganizing bank into shares of the newly formed banks, and approves the partition balance sheet.

225. The shareholders' inaugural meeting of each bank emerging as a result of division approves the bank's charter and elects members of the supervisory board and the chairman of the management board. See previous edition.

226. The bank is considered reorganized at the same time when the newly formed banks are registered, relevant licenses (licenses) for banking activities are issued to them, and an entry is made in the State Registry of Banks regarding the termination of activities of the reorganized bank (with indication of legal successors and forms of reorganization). (Parentheses around paragraph 226 edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

227. When the bank is divided, its rights and obligations are transferred to two or more newly formed banks in accordance with the partition balance sheet.

228. The Central Bank publishes information on its official website about the emergence of a new bank as a result of division and the termination of activities of the reorganized bank.

Section 5. Separation from the Bank

229. By separation from the bank is understood the creation of one or several banks and the transfer of part of its rights and obligations to them without terminating the activity of the reorganizing bank.

230. The supervisory board of the bank being reorganized in the form of separation puts forward for consideration by the general meeting of shareholders issues such as reorganization of the bank in the form of separation, the procedure and conditions of separation, the establishment of a new bank, the exchange of shares of the reorganizing bank into shares of the separated bank and the procedure for such exchange, amendments to the bank's charter reflecting the reorganization of the bank in the form of separation, information about the bank's authorized capital, and approval of the partition balance sheet.

231. The general meeting of shareholders of the bank being reorganized in the form of separation adopts a decision on reorganization of the bank, the procedure and conditions of reorganization, the exchange of bank shares into shares of the separating bank and the procedure for such exchange, amendments to the bank's charter reflecting the reorganization of the bank in the form of separation, information about the reduced authorized capital of the bank as a result of reorganization, and approval of the partition balance sheet.

232. The shareholders' inaugural meeting of the bank emerging as a result of separation elects members of the supervisory board and the chairman of the management board and approves the bank's charter. See previous edition.

233. The bank is considered reorganized from the moment the newly formed banks are registered in the State Registry of Banks (with indication of the separated bank) and simultaneously the relevant licenses (licenses) for banking activities are issued to them. (Parentheses around paragraph 233 edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

234. When one or several banks are separated from the bank, part of the rights and obligations of the reorganized bank passes to each of them in accordance with the partition balance sheet.

235. The Central Bank publishes information on its official website about the emergence of new banks as a result of separation.

Section 6. Reorganization of the Bank at the Request of the Central Bank See previous edition.

236. If there is a violation of legislative acts on banks and banking activities by the bank and the activities carried out by the bank lead to a decrease in competition in the republic's banking system, the Central Bank has the right to demand reorganization of the bank. (Parentheses around paragraph 236 edited by Order No. 16-mh dated July 28, 2021 of the Minister of Justice of the Republic of Uzbekistan (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

237. Within a period not exceeding 30 days after the acceptance of the Central Bank's request for reorganization of the bank, the bank's supervisory board convenes an extraordinary general meeting of shareholders.

238. The General Meeting of Shareholders adopts a decision on reorganization of the bank based on the Central Bank's request and approves the reorganization plan. The bank reorganization plan must include measures to improve the financial condition of the bank or eliminate violations posing a threat to (or causing harm to) the interests of the bank's creditors and depositors. See previous edition.

239. If the bank does not reorganize within the period specified in the Central Bank's request or if the reorganization plan does not contain sufficient measures to improve the financial condition of the bank or eliminate violations, the Central Bank has the right to apply any corrective measures in accordance with legislative acts, including appointing an interim manager to the bank or considering the issue of forced liquidation of the bank. (Parentheses around paragraph 239 edited by Order No. 16-mh dated July 28, 2021 of the Minister of Justice of the Republic of Uzbekistan (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724) See previous edition.

Chapter 2. Liquidation of the Bank

Section 1. Grounds for Liquidation of the Bank

240. Termination of bank activity and liquidation of the bank may be carried out in the form of voluntary liquidation or forced liquidation.

241. Voluntary liquidation of the bank is carried out based on the consent of the Central Bank regarding the voluntary liquidation of the bank. See previous edition.

Forced liquidation of the bank is carried out based on the decision of the Board of the Central Bank of the Republic of Uzbekistan on withdrawal of the relevant license (licenses) for banking activities and forced liquidation of the bank (hereinafter referred to in the text as the decision on forced liquidation of the bank). (Parentheses around the second paragraph of Article 241 edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

Section 2. General Rules Regarding Voluntary Liquidation of the Bank

242. A bank may be voluntarily liquidated if it is not insolvent or if there is no high probability of its insolvency arising.

In this case, the bank is considered insolvent or there is a high probability of its insolvency arising if one of the circumstances specified in parts two and three of Article 20 of the Law of the Republic of Uzbekistan "On Sanitation and Liquidation of Banks" occurs.

243. Obtaining the Central Bank's consent for voluntary liquidation of the bank is carried out in two stages:

obtaining preliminary permission for voluntary liquidation of the bank;

obtaining final permission for voluntary liquidation of the bank.

244. Disclosure to third parties of the decision of the general meeting of shareholders (shareholder) of the bank regarding obtaining preliminary permission for voluntary liquidation of the bank before obtaining such preliminary permission, and the decision on voluntary liquidation of the bank before obtaining final permission for voluntary liquidation of the bank is prohibited.

245. The liquidator is appointed by the general meeting of shareholders when the bank is being voluntarily liquidated. If the liquidator is not appointed, it is appointed by the decision of the Board of the Central Bank.

The liquidator must meet the requirements specified in Section III of this Regulation.

246. In accordance with Article 48 of the Law of the Republic of Uzbekistan "On Sanitation and Liquidation of Banks", the Central Bank has the right to require the bank to have documents and/or information submitted to the Central Bank certified by an audit organization when the bank is being voluntarily liquidated.

Section 3. Procedure for Obtaining Preliminary Permission for Voluntary Liquidation of the Bank

247. The decision on obtaining preliminary permission for voluntary liquidation of the bank is adopted by a majority vote consisting of three-fourths of the votes of shareholders holding voting shares participating in the general meeting of shareholders of the bank.

In a bank where all voting shares belong to one shareholder, the decision on obtaining preliminary permission for voluntary liquidation of the bank is adopted individually by such shareholder and formalized in writing.

248. Within five business days from the date of adoption of the decision provided for in Paragraph 247 of this Regulation, the bank submits to the Central Bank the following documents for obtaining preliminary permission for voluntary liquidation of the bank:

an application in the form according to Appendix 16 of this Regulation;

a decision on obtaining preliminary permission for voluntary liquidation of the bank. In this decision, the reasons for voluntary liquidation of the bank are specified in detail;

the bank's voluntary liquidation plan approved by the general meeting of shareholders of the bank or the sole shareholder of the bank;

the balance sheet report of the bank as of the date of adoption of the decision on obtaining preliminary permission for voluntary liquidation of the bank.

249. The voluntary liquidation plan of the bank must include:

information on the liquidation value of the bank's assets and liabilities certified by an audit organization;

information about the bank's creditors;

information about current and potential court proceedings, as well as expenses related to court costs and enforcement of court decisions;

information about operating expenses, potential losses from the sale of assets, damages arising upon early termination of contracts with which one of the parties is the bank, as well as information about any other projected expenses;

the term for implementing voluntary liquidation of the bank;

description of the stages of the voluntary liquidation process of the bank, including the duration of each stage and the actions to be performed at each stage;

prospective balance sheets for each stage of the voluntary liquidation process of the bank, as well as a description of the assumptions and probabilities used in preparing them.

250. If the documents and information submitted by the bank specified in Paragraph 248 of this Regulation are insufficient to make a decision on granting preliminary permission for voluntary liquidation of the bank, the Central Bank has the right to request additional documents and information necessary for making such a decision from the bank.

The bank must submit the requested additional documents and information to the Central Bank within 30 days from the date of receipt of the request in accordance with the first paragraph of this paragraph. In this case, the review period for the application for granting preliminary permission for voluntary liquidation of the bank specified in the first paragraph of Paragraph 251 of this Regulation is suspended.

251. The Central Bank makes a decision on granting preliminary permission for voluntary liquidation of the bank or substantiated refusal to grant preliminary permission for voluntary liquidation of the bank within two months from the date all documents specified in Paragraph 248 of this Regulation are submitted.

Within three business days from the date of adoption of the decision provided for in the first paragraph of this paragraph, the Central Bank notifies the bank in writing, including electronically via the information and communication system, about the adopted decision, except for cases where preliminary permission for voluntary liquidation of the bank is refused on the grounds specified in the fifth paragraph of Paragraph 252 of this Regulation.

252. The following serve as grounds for refusing to grant preliminary permission for voluntary liquidation of the bank:

failure to submit documents and information specified in Paragraphs 248 and 250 of this Regulation in full or non-compliance with legislative requirements;

inability of the bank to satisfy creditors' claims without unreasonable delay;

non-compliance of the bank's voluntary liquidation plan with the requirements specified in Paragraph 249 of this Regulation;

insolvency of the bank or high probability of its insolvency arising.

253. If preliminary permission for voluntary liquidation of the bank is refused on the grounds specified in paragraphs two through four of Paragraph 252 of this Regulation, the notice of refusal to grant preliminary permission for voluntary liquidation of the bank is sent indicating the grounds for refusal and the period within which the bank can eliminate the grounds for refusal and resubmit documents for reconsideration. This period must be proportional to the time necessary to eliminate the grounds for refusal, but not less than ten business days. See previous edition. (Parentheses around the second paragraph of Article 253 added based on Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

254. If the grounds for refusing to grant preliminary permission for voluntary liquidation of the bank are eliminated by the bank within the period specified in the notice of refusal to grant preliminary permission for voluntary liquidation of the bank, the reconsideration of the application is carried out within a period not exceeding thirty business days from the date all documents necessary for obtaining preliminary permission for voluntary liquidation of the bank are submitted.

Applications and documents submitted after the expiration of the period specified in the notice of refusal to grant preliminary permission for voluntary liquidation of the bank are considered newly submitted and are reviewed by the Central Bank on general grounds.

255. During the reconsideration of the application for granting preliminary permission for voluntary liquidation of the bank, refusal is not allowed on new grounds not previously indicated in the notice of refusal to grant preliminary permission for voluntary liquidation of the bank. See previous edition.

256. If preliminary permission for voluntary liquidation of the bank is refused by the Central Bank on grounds related to the insolvency of the bank or high probability of its insolvency arising, the Central Bank adopts a decision on forced liquidation of the bank. (Parentheses around the first paragraph of Article 256 edited by Resolution No. 19/2 dated June 23, 2026 of the Board of the Central Bank of the Republic of Uzbekistan (registration number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

The bank is notified about the adoption of the decision on forced liquidation of the bank in the procedure specified in Paragraph 291 of this Regulation.

257. No fee is collected for reviewing and reconsidering the application for granting preliminary permission for voluntary liquidation of the bank.

258. After obtaining preliminary permission for voluntary liquidation of the bank, the bank takes measures for the full repayment and/or transfer to another bank of objects of guarantee (hereinafter referred to in the text as objects of guarantee) provided for in Article 25 of the Law of the Republic of Uzbekistan "On Guarantees of Deposit Protection in Banks".

Section 4. Procedure for Obtaining Final Permission for Voluntary Liquidation of the Bank

259. After objects of guarantee are fully repaid and/or transferred to another bank, the general meeting of shareholders of the bank adopts a decision on voluntary liquidation of the bank by a majority vote consisting of three-fourths of the votes of shareholders holding voting shares participating in the meeting.

In a bank where all voting shares belong to one shareholder, the decision on the voluntary liquidation of the bank is adopted by such shareholder individually.

260. Within three working days from the date of adoption of the decision provided for in paragraph 259 of this Regulation, the bank submits to the Central Bank the following documents to obtain the final permission for the voluntary liquidation of the bank:

1. an application in the form specified in Annex 17 of this Regulation;

2. the decision on the voluntary liquidation of the bank;

3. documents confirming that the guarantee objects have been fully returned and (or) transferred to another bank;

4. information on the obligations remaining on the bank after the guarantee objects have been fully returned and (or) transferred to another bank;

5. the bank's balance sheet as of the date the decision on the voluntary liquidation of the bank was adopted;

6. the following information and documents confirming the liquidator's compliance with the established requirements:

documents specified in sub-paragraphs 4 to 10 of paragraph 107 of this Regulation;

information in the form specified in Annex 18 of this Regulation regarding conflicts of interest between the liquidator and the bank being liquidated.

261. If the documents and information submitted by the bank as specified in paragraph 260 of this Regulation are insufficient for the Central Bank to adopt a decision on granting the final permission for the voluntary liquidation of the bank, the Central Bank has the right to request additional documents and information necessary for adopting such a decision.

The bank must submit the additional documents and information requested in accordance with the first sentence of this paragraph to the Central Bank within thirty days from the date of receipt of the request. In this case, the time limit for considering the application for granting the final permission for the voluntary liquidation of the bank, as established in paragraph 262 of this Regulation, is suspended.

262. The Central Bank adopts a decision on granting the final permission for the voluntary liquidation of the bank or on justifiably refusing to grant such permission within twenty working days from the date all documents specified in paragraph 260 of this Regulation are submitted.

263. The following serve as grounds for refusing to grant the final permission for the voluntary liquidation of the bank:

failure to submit the documents and information specified in paragraphs 260 and 261 of this Regulation in full or their non-compliance with legislative requirements;

failure to return the guarantee objects in full volume and (or) transfer them to another bank;

non-compliance of the liquidator with the requirements established in Part III of this Regulation;

insolvency of the bank or a high probability of its occurrence.

264. If the granting of the final permission for the voluntary liquidation of the bank is refused on the grounds specified in the second to fourth sentences of paragraph 263 of this Regulation, the Central Bank notifies the bank in writing, including electronically via the information and communication system, within three working days from the date the relevant decision is adopted.

The notification on the refusal to grant the final permission for the voluntary liquidation of the bank must indicate the grounds for refusal and the deadline by which the bank may eliminate the grounds for refusal and resubmit the documents for reconsideration. This deadline must be proportional to the time necessary to eliminate the grounds for refusal, but not less than ten working days.

265. If the grounds for refusing to grant the final permission for the voluntary liquidation of the bank are eliminated by the bank within the deadline specified in the notification on refusal, the reconsideration of the application is carried out within a period not exceeding ten working days from the date all documents necessary for obtaining the final permission for the voluntary liquidation of the bank are submitted.

Applications and documents submitted after the deadline specified in the notification on refusal to grant the final permission for the voluntary liquidation of the bank expires are considered newly submitted and are reviewed by the Central Bank on general grounds.

266. When reconsidering the application for granting the final permission for the voluntary liquidation of the bank, refusal on new grounds not previously indicated in the notification on refusal to grant such permission is not permitted.

267. If there is a basis for considering the bank insolvent or the probability of its insolvency to be high, the Central Bank refuses to grant the final permission for the voluntary liquidation of the bank and adopts a decision on the compulsory liquidation of the bank.

The bank is notified about the adoption of a decision on the compulsory liquidation of the bank in the manner specified in paragraph 291 of this Regulation. See previous edition.

268. Simultaneously with the decision on granting the final permission for the voluntary liquidation of the bank, the Central Bank adopts a decision on withdrawing the relevant license(s) for the bank's banking activities.

The decision on granting the final permission for the voluntary liquidation of the bank and on withdrawing the relevant license(s) for the bank's banking activities is delivered to the bank on the same day and published on the official website of the Central Bank and its official social media pages. (Paragraph 268 was edited by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753) See previous edition.

269. From the moment the decision on granting the final permission for the voluntary liquidation of the bank and on withdrawing the relevant license(s) for the bank's banking activities is delivered to the bank, the bank is not entitled to carry out any other activities (actions) not related to the liquidation of the bank. (Paragraph 269 was edited by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

270. The decision of the authorized management body of the bank on the voluntary liquidation of the bank enters into force after the final permission for the voluntary liquidation of the bank is granted.

271. No fee is charged for considering and reconsidering the application for granting the final permission for the voluntary liquidation of the bank.

5-§. Tasks carried out during the voluntary liquidation of a bank

272. From the moment the final permission for the voluntary liquidation of the bank is granted, the powers of the supervisory board and management of the bank being voluntarily liquidated are transferred to the liquidator.

273. The liquidator performs the following tasks during the voluntary liquidation of the bank: See previous edition.

within three days from the date the decision on granting the final permission for the voluntary liquidation of the bank and on withdrawing the relevant license(s) for the bank's banking activities is adopted, publish information in mass media and on the official website of the bank about the commencement of the voluntary liquidation process, as well as about the deadlines for submitting claims by creditors; (Paragraph 273, second sentence, was edited by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

within one month after the expiration of the deadline for submitting claims by creditors, prepare the bank's interim liquidation balance sheet;

settle accounts with the bank's creditors;

take measures to sell the bank's assets;

prepare the final liquidation balance sheet of the bank after settlements with creditors are completed;

submit reports and information to the Central Bank in the manner specified in paragraph 11 of this chapter. See previous edition.

274. The liquidator must complete all work related to the voluntary liquidation of the bank specified in paragraph 273 of this Regulation within twelve months from the date the decision on granting the final permission for the voluntary liquidation of the bank and on withdrawing the relevant license(s) for the bank's banking activities is adopted. Upon the justified request of the liquidator, the Central Bank has the right to extend this deadline by up to six months. (Paragraph 274 was edited by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

275. If the insolvency of the bank is identified during the voluntary liquidation process, the liquidator must immediately notify the Central Bank about this and submit the relevant reports and documents confirming the financial status of the bank.

The Central Bank reviews the documents specified in the first sentence of this paragraph within ten working days and, if any of the grounds specified in parts two and three of Article 20 of the Law of the Republic of Uzbekistan "On Sanitization and Liquidation of Banks" exist, adopts a relevant decision on the compulsory liquidation of the bank.

276. After the final liquidation balance sheet of the bank is prepared, the remaining property of the bank is distributed among the shareholders in accordance with the legislation.

277. After the distribution of the remaining property of the bank among the shareholders, the liquidator carries out the measures for concluding the liquidation of the bank specified in paragraph 10 of this chapter.

6-§. Decisions to be agreed upon with the Central Bank during voluntary liquidation

278. The following decisions of the bank being voluntarily liquidated (hereinafter in the text referred to as the decision of the bank being voluntarily liquidated) must be agreed upon with the Central Bank:

a decision providing for the replacement of the liquidator;

a decision providing for amendments to the bank's liquidation plan.

279. To agree on the decision of the bank being voluntarily liquidated specified in paragraph 278 of this Regulation, the bank submits an application to the Central Bank within ten days from the date the decision is adopted, attaching the following:

1. for agreeing on a decision providing for the replacement of the liquidator:

the decision of the general meeting of shareholders of the bank or the sole shareholder of the bank on the replacement of the liquidator;

the information and documents specified in sub-paragraph 6 of paragraph 260 of this Regulation;

2. for agreeing on a decision providing for amendments to the bank's liquidation plan:

the decision of the general meeting of shareholders of the bank (shareholder) on introducing amendments to the bank's liquidation plan;

the text of the amendments being introduced to the bank's liquidation plan and the grounds for introducing such amendments.

280. The Central Bank agrees on or refuses to agree on the decision of the bank being voluntarily liquidated within one month from the date the relevant documents specified in paragraph 279 of this Regulation are submitted.

281. The following serve as grounds for refusing to agree on the decision of the bank being voluntarily liquidated:

failure to submit the documents and information specified in paragraph 279 of this Regulation in full or their non-compliance with legislative requirements;

incompatibility of the voluntary liquidation plan with the requirements specified in paragraph 249 of this Regulation as a result of the introduced amendments — if amendments are introduced to the bank's liquidation plan;

non-compliance of the liquidator with the requirements established in Part III of this Regulation — if the liquidator is replaced.

282. The Central Bank notifies the bank in writing, including electronically via the information and communication system, within three working days from the date the decision on agreeing on or refusing to agree on the decision of the bank being voluntarily liquidated is adopted.

If the refusal to agree on the decision of the bank being voluntarily liquidated is based on the grounds specified in the second and third sentences of paragraph 281 of this Regulation, the notification on refusal to agree must indicate the grounds for refusal and the deadline by which the bank may eliminate the grounds for refusal and resubmit the documents for reconsideration. This deadline must be proportional to the time necessary to eliminate the grounds for refusal, but not less than ten working days.

283. If the grounds for refusing to agree on the decision of the bank being voluntarily liquidated are eliminated by the bank within the deadline specified in the notification on refusal to agree, the reconsideration of the application is carried out within a period not exceeding ten working days from the date documents confirming the elimination of the grounds for refusal are submitted.

Applications and documents submitted after the deadline specified in the notification on refusal to agree on the decision of the bank being voluntarily liquidated expires are considered newly submitted and are reviewed by the Central Bank on general grounds.

284. When reconsidering the application for agreeing on the decision of the bank being voluntarily liquidated, refusal on new grounds not previously indicated in the notification on refusal to agree is not permitted.

285. If the agreement on the decision of the bank being voluntarily liquidated is refused on the ground specified in the fourth sentence of paragraph 281 of this Regulation, the bank may adopt a decision on appointing a new liquidator and resubmit an application to the Central Bank for agreeing on this decision. In this case, the application is considered newly submitted and is reviewed by the Central Bank on general grounds.

286. The decision of the bank being voluntarily liquidated enters into force after being agreed upon with the Central Bank.

287. No fee is charged for considering and reconsidering the application for agreeing on the decision of the bank being voluntarily liquidated.

7-§. Procedure for compulsory liquidation of a bank

288. If a bank is not recognized as systemically important, it may be compulsorily liquidated in the cases provided for in Article 77 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities."

A bank undergoing voluntary liquidation is compulsorily liquidated in the cases specified in paragraphs 256, 267, and 275 of this Regulation.

289. Compulsory liquidation of a bank may be carried out out of court and (or) in court in accordance with Article 62 of the Law of the Republic of Uzbekistan "On Sanitization and Liquidation of Banks."

290. The Board of the Central Bank adopts a decision on the compulsory liquidation of the bank.

The decision on the compulsory liquidation of the bank must indicate the date and exact time of entry into force of this decision.

291. The decision on the compulsory liquidation of the bank is signed and handed over to the management of the bank to be compulsorily liquidated on the day this decision enters into force.

292. From the time the decision on the compulsory liquidation of the bank enters into force, the bank is not entitled to carry out any other activities (actions) not related to the liquidation of the bank.

293. On the day the decision on the compulsory liquidation of the bank enters into force, the Central Bank notifies the Deposit Insurance Agency, the Central Securities Depository, payment systems in which the bank being liquidated is a participant, and foreign banks holding representative accounts of the bank being liquidated.

The decision on the compulsory liquidation of the bank is published on the official website of the Central Bank on the day it enters into force and in mass media within three days from the date it enters into force, for the purpose of notifying the shareholders and interested parties of the bank being liquidated.

294. From the day the decision on the compulsory liquidation of the bank enters into force:

the deadline for fulfilling all monetary obligations of the bank, as well as delayed obligations on taxes and fees, is considered to have begun;

the accrual of interest and penalties on all types of obligations of the bank is suspended;

the accrual of penalties and fines on previously accrued and uncollected obligations on property tax, land tax, as well as on taxes and fees is suspended;

the portion of proceeds from the sale of the bank's property directed to satisfy creditors' claims is exempt from value-added tax and income tax;

any actions by third parties regarding the bank's assets, including the execution of court enforcement proceedings to satisfy claims, are suspended; the bank's property is exempt from seizure and other restrictions on the bank are lifted;

credit and debit operations on clients' bank accounts are suspended;

operations on the bank's accounts in other banks are suspended;

if a claim is transferred or waived in favor of another person, the recipient or the party acquiring the right to claim under the certificate (assignee) retains the initial priority under this claim; See previous edition.

powers of attorney issued by the bank are considered revoked, except for powers of attorney issued for court proceedings; (Paragraph 294 was supplemented with the tenth sentence based on the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

execution of enforcement documents is terminated. All claims on monetary obligations, taxes and fees, and other property claims may be submitted to the bank only within the framework of compulsory liquidation, except for claims on recognition of property rights, compensation for moral harm, recovery of property from the unlawful possession of another person, recovery of unjustly enriched assets, recognition of transactions as invalid and application of the consequences of their invalidity, as well as claims on current payments.

Procedures suspended in accordance with the sixth sentence of this paragraph are terminated by the Central Bank after the approval of the interim liquidation balance sheet, if the claim subject to the procedure is included in the interim liquidation balance sheet and there are no objections to this claim.

295. When a bank is compulsorily liquidated, the liquidator is appointed by the decision of the Board of the Central Bank. The Central Bank has the right to include Central Bank employees in the composition of the liquidation commission.

The liquidator must comply with the requirements established in Part III of this Regulation.

The liquidator is the sole representative of the bank being compulsorily liquidated.

296. From the moment the liquidator is appointed during the compulsory liquidation of the bank, the powers to manage the bank's activities, including the powers of the general meeting of shareholders of the bank, the supervisory board, and the management, are transferred to him.

297. The liquidator must publish information containing the following data in mass media and on the official website of the bank within three days from the day the decision on the compulsory liquidation of the bank enters into force:

about the commencement of the compulsory liquidation of the bank;

about the firm name and details of the bank being liquidated;

about the liquidator of the bank;

about the procedure for submitting claims by creditors, including information on acquaintances with the registry submitted by the liquidator to the Deposit Insurance Agency for the payment of compensation to creditors who are owners of guarantee objects (depositors);

other necessary information.

298. The liquidator must, within two months from the day the information specified in paragraph 297 of this Regulation is published:

send notifications to all creditors about the type and amount of their claims against the bank;

take measures necessary to return valuables deposited in bank safes to their owners;

take measures to identify the bank's assets, recover them, and assess such assets.

299. The liquidator opens separate liquidation accounts for each currency type at the Settlement and Cash Center of the territorial main department of the Central Bank where the bank being liquidated is located.

All funds of the bank being liquidated, including funds in foreign currency, are kept in these liquidation accounts. See previous edition.

300. The liquidator must, within two months after the expiration of the deadline for submitting claims by creditors specified in paragraph 306 of this Regulation: (Paragraph 300, first sentence, was edited by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated June 23, 2026 (registration number 3252-7, dated 17.07.2026) — , 20.07.2026, No. 10/26/3252-7/0753)

form information on the composition of the bank's property;

form a registry of creditors' claims;

prepare an interim liquidation balance sheet.

301. The formation of the registry of creditors' claims by the liquidator is carried out in the manner specified in paragraph 8 of this chapter.

302. The interim liquidation balance sheet is submitted to the Central Bank together with the registry of creditors' claims within three working days from the day it is prepared.

The Central Bank approves the interim liquidation balance sheet within ten working days from the day it is submitted.

303. Satisfaction of creditors' claims begins on the day following the approval of the interim liquidation balance sheet by the Central Bank, except for the cases specified in paragraph 304 of this Regulation.

Creditors' claims are satisfied in the manner specified in paragraph 9 of this chapter.

304. After the approval of the interim liquidation balance sheet by the Central Bank, the liquidator has the right to apply to the court with a petition to initiate proceedings on recognizing the bank being compulsorily liquidated as bankrupt and liquidating it, in the cases and manner specified in Article 62 of the Law of the Republic of Uzbekistan "On Sanitization and Liquidation of Banks."

From the moment the court adopts a decision on initiating proceedings on recognizing the bank as bankrupt and liquidating it, the liquidator's tasks regarding the compulsory liquidation of the bank and the powers of the Central Bank in this regard terminate.

305. In the process of compulsory liquidation of the bank, measures are used to transfer the assets and liabilities of the bank being compulsorily liquidated to another bank and (or) to sell the bank's assets.

Unless otherwise provided for in this Regulation, the consent of shareholders, depositors and creditors, as well as other interested persons (persons who provided collateral and guarantees for the bank being liquidated) is not required when using compulsory liquidation measures.

If the bank's liabilities are transferred to another bank, the liquidator must notify creditors within ten working days from the date the bank's liabilities are transferred.

8-§. Procedure for forming the registry of claims of creditors of the bank being compulsorily liquidated

306. The deadline for submitting claims by creditors must not be less than two months from the moment the announcement of the compulsory liquidation of the bank is made. This deadline must be indicated in the information published in mass media and on the official website of the bank in accordance with paragraph 297 of this Regulation.

All claims of creditors may be submitted only to the liquidator.

307. Claims of creditors are submitted to the liquidator in writing, together with an application and documents confirming such claims. The application stating the creditors' claims must indicate the following:

information about himself;

for legal entities — the full name of the firm, location (postal address), bank details;

for individuals — the individual identification number of the individual, postal address, bank details (if available);

e-mail address (if available).

The indication of the email address in the application is the creditor's consent to receive the notification regarding the type and amount of the creditor's claims against the bank, and in case of refusal to fully satisfy the claims, the notification regarding this in electronic form.

308. The creditor (depositor) who is the owner of the collateral object has the right to demand from the liquidator only that part of the collateral object which exceeds the guaranteed deposit.

309. The liquidator forms a registry of creditors' claims based on the bank's accounting documents and applications submitted by creditors within two months after the expiration of the deadline established for the submission of claims by creditors.

310. If the claims of the creditor determined according to the bank's accounting documents do not match the claims submitted by the creditor in the manner specified in paragraph 307 of this Regulation, the amount of such claims shall be determined based on the documents substantiating such claims or a court decision.

311. The registry of creditors' claims contains information about each creditor, the results of the consideration of claims, i.e., information about claims accepted for satisfaction or refused for satisfaction.

After the registry of creditors' claims is formed, the liquidator must publish in the mass media information about the results of the consideration of creditors' claims, the date and place where creditors can obtain information about the order and start of satisfaction of claims.

Creditors must be provided with the opportunity to familiarize themselves with the registry of creditors' claims.

312. At the request of the creditor or its representative, the liquidator must send a copy from the registry of creditors' claims to such creditor or its representative regarding the amount, composition, and order of satisfaction of its claims within five working days from the date of receipt of such request. The costs associated with preparing and sending such copy are borne by the creditor.

9-§. Procedure for satisfying claims of creditors of a bank undergoing compulsory liquidation

313. The following claims of creditors (hereinafter in the text referred to as expenses related to the compulsory liquidation of the bank) are satisfied out of turn:

• payments for utility services, rent, and other current services;
• expenses related to rewarding the liquidator, paying severance benefits to bank employees, and paying for the labor of the liquidator and persons involved in the liquidation of the bank;
• court expenses;
• expenses related to publishing notices and sending notifications;
• expenses related to ensuring the preservation of bank assets, their management, valuation, and inventory;
• other expenses related to the compulsory liquidation of the bank, including taxes and fees.

314. Claims of creditors that are not considered expenses related to the compulsory liquidation of the bank are satisfied in the following order:

• first, the claims of the Central Bank, the Ministry of Economy and Finance of the Republic of Uzbekistan, and the Deposit Guarantee Agency regarding funds provided for the purpose of applying sanation measures and liquidating the bank;
• second, claims provided for in the second part of Article 150 of the Law of the Republic of Uzbekistan "On Insolvency";
• third, claims transferred to the Deposit Guarantee Agency in accordance with Article 31 of the Law of the Republic of Uzbekistan "On Guarantees for the Protection of Deposits in Banks";
• fourth, claims regarding the part of guaranteed deposits exceeding the guaranteed deposit amount of collateral objects specified in the Law of the Republic of Uzbekistan "On Guarantees for the Protection of Deposits in Banks";
• fifth, unsecured claims not falling into the categories provided for in paragraphs three through six and eight through eleven of this paragraph, including claims not satisfied due to insufficient funds from the sale of property presented as security for the performance of the bank's obligations;
• sixth, claims of persons associated with the bank;
• seventh, claims regarding subordinated debt instruments that are not capital instruments;
• eighth, claims regarding second-tier capital instruments;
• ninth, claims regarding first-tier additional capital instruments.

Claims of each subsequent priority are satisfied only after the claims of the previous priority are fully satisfied.

315. The liquidator settles accounts with creditors from the liquidation mass in accordance with the registry of creditors' claims.

316. All assets of the bank at the time the liquidation process begins and property discovered during the liquidation process serve as the source for forming the liquidation mass. The following are not included in the liquidation mass:

• property subject to pledge, except for cases provided for in the second sub-paragraph of paragraph 319 of this Regulation;
• valuables deposited for safekeeping in bank safes;
• property used by the bank on the basis of lease or trust management;
• funds attracted from the Central Bank for the implementation of expenses related to compulsory liquidation;
• other property that does not belong to the bank in accordance with legislation.

317. If funds are insufficient to satisfy creditors' claims, the liquidator has the right to sell the bank's assets, including its property. In this case, the liquidator must ensure the sale of bank assets within twelve months from the date of approval of the interim liquidation balance by the Central Bank.

Based on the justified request of the liquidator, the Central Bank has the right to extend the term for the sale of assets by up to twelve months.

318. Property of the bank that is difficult to sell may be transferred directly to creditors of a certain category with their consent for the satisfaction of their claims.

For the purposes of this Regulation, property of the bank that is difficult to sell means the bank's property that remains unsold after all existing opportunities for selling the property of the bank being liquidated by the liquidator have been utilized.

319. The satisfaction of creditors' claims secured by bank property is carried out from the funds received from the sale of such property. In this case, the valuation of bank property subject to pledge is carried out mandatorily by a valuation organization.

If the funds received from the sale of property presented as security for the performance of the bank's obligations exceed the claims of such creditors, the remaining part is directed to the liquidation mass.

If the funds received from the sale of property presented as security for the performance of the bank's obligations are insufficient to satisfy creditors' claims, the unsatisfied part of such claims is satisfied in accordance with the priority established in paragraph 314 of this Regulation.

320. If it is impossible to return a claim included in the registry of creditors' claims to the creditor or transfer funds to its account, the funds belonging to such creditor are transferred to an account opened in another bank in its favor.

321. If funds are insufficient for the full satisfaction of claims of creditors of a certain category, such claims are satisfied proportionally to the sum belonging to each creditor. See previous edition.

322. Claims expressed by creditors after the expiration of the deadline for submitting creditors' claims specified in the notice on the commencement of compulsory liquidation, which were not included in the registry of claims formed by the liquidator, as well as claims regarding taxes and fees arising after the commencement of compulsory liquidation, are satisfied in the manner provided for in paragraphs 313 and 314 of this Regulation, regardless of when they were submitted, after the satisfaction of claims of creditors included in the registry of claims. (Paragraph 322 in the edition of Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registry number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

323. Claims of creditors may be satisfied by mutual offset with the liquidating bank and the creditor under the following conditions:

• the due date for payment under the claims has arrived;

• both parties have the right to collect and pay the debt;

• the priority for satisfying the creditor's claims has arrived;

• the parties have applied to each other with an application; See previous edition.

• claims in different currencies are offset at the Central Bank exchange rate on the day of their satisfaction; (Paragraph 323 was supplemented with the sixth sub-paragraph based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registry number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

• the creditor's claims against the liquidating bank did not arise due to a contract renouncing the right to claim in favor of another person;

• the creditor is not a person associated with the bank.

324. Claims of creditors that were not satisfied due to insufficient property of the bank are considered satisfied.

325. The liquidator enters information into the registry of creditors' claims regarding the satisfaction of creditors' claims.

326. After the settlement with creditors is completed, the liquidator prepares the final liquidation balance.

327. After the settlement with creditors is completed, the remaining liquidation mass is distributed among the shareholders in accordance with legislation.

10-§. Completion of Bank Liquidation

328. After completing the procedures provided for in the respective paragraphs 5 or 9 of this chapter, the liquidator takes measures in the manner and timeframes established by legislation to cancel the state registration of the issuance of the bank's securities.

329. Within five working days from the date of cancellation of the state registration of the issuance of the bank's securities, the liquidator submits to the Central Bank the following documents confirming the completion of liquidation:

• a report on the work performed by the liquidator;
• copies of notices published in the mass media regarding the liquidation of the bank;
• the balance sheet of the bank on the last day of work;
• the final liquidation balance;
• the final liquidation balance for off-balance sheet accounts;
• an act on the allocation for destruction of bank documents and archives;
• an act on the acceptance and transfer for archiving of bank documents and data of its electronic database;
• a document confirming the destruction of the bank's seals and stamps;
• documents confirming the cancellation of the state registration of the issuance of the bank's securities.

330. The report on the work performed by the liquidator must reflect:

• the name and address of the bank being liquidated;
• information about the liquidator;
• the total sum of collected receivables;
• information about the formed liquidation mass, including information about the process and results of inventory of the bank's property, the process and results of valuation of property, funds received from their sale, and information about persons who purchased the bank's property;
• information about assets deemed unsuitable or worthless;
• the basis for the liquidator's conclusion on the illiquidity of the bank's remaining assets or the complexity of their sale;
• the total sum of claims submitted by creditors, including the sum of claims recognized and not recognized by the liquidator, the total sum of satisfied claims of creditors of each priority, and the sum of claims satisfied directly from the unsold property of the bank;
• the sum of claims considered satisfied due to insufficient property of the bank, as well as information about each item of expenses related to compulsory liquidation of the bank — if the bank is compulsorily liquidated. In this case, if funds from the Central Bank were used to cover expenses related to compulsory liquidation, information about such funds is indicated.

331. If the bank is voluntarily liquidated or compulsorily liquidated out of court, the Central Bank approves the final liquidation balance within ten working days from the date of submission of the documents specified in paragraph 330 of this Regulation and enters a record into the State Registry of Banks regarding the completion of the bank's liquidation and the liquidation of the bank.

332. From the date of entering the record into the State Registry of Banks regarding the liquidation of the bank, the bank's liquidation is considered completed, and the bank is considered liquidated.

11-§. Liability of the Liquidator in the Bank Liquidation Process See previous edition.

333. The liquidator must submit to the Central Bank the reports and information specified in paragraph 334 of this Regulation by the 10th day of the month following the reporting month. (Paragraph 333 in the edition of Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registry number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

334. Reports and information submitted by the liquidator to the Central Bank include:

• a report containing information about the liquidation process, including satisfied claims of creditors, and sold and being sold assets;
• information about any circumstances that may hinder the implementation of the bank liquidation plan or the liquidation of the bank;
• other information necessary for the Central Bank to exercise control over the liquidation process at its request. (Chapter VI Section 2 in the edition of Resolution No. 32/1 of the Board of the Central Bank of the Republic of Uzbekistan dated December 3, 2025 (registry number 3252-6, 05.01.2026) — , 07.01.2026, 10/26/3252-6/0018) See previous edition.

SECTION VII. FINAL PROVISIONS

335. Persons guilty of violating the requirements of this Regulation are liable in accordance with legislative acts.

336. Disputes related to licensing of banking activities are resolved in the manner established by legislative acts.

337. Decisions of the Central Bank may be appealed in the manner established by legislative acts. (Section VII in the edition of Resolution No. 32/1 of the Board of the Central Bank of the Republic of Uzbekistan dated December 3, 2025 (registry number 3252-6, 05.01.2026) — , 07.01.2026, 10/26/3252-6/0018)

Regulation on the Procedure and Conditions for Granting a License for Banking Activities

APPENDIX 1

Regulation on the Procedure and Conditions for Granting a License for Banking Activities

APPENDIX 2

List of Founders (Participants or Shareholders) and Their Basic

INFORMATION See previous edition.

NATURAL PERSONS

No.

Last Name

First Name

Patronymic

Personal Identification Number of a Natural Person (PIN, D code)

Data of the document confirming identity

Place of residence

Phone number

Information about place of work

Amount of share in the authorized capital

Series (if available) and number

Issuing authority

Date of issue

Organization name

Type of activity

Position held

Postal address

Phone number

in thousand sums

in percent

A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1. 2. 3. 4. 5. 0,00 0,00%

LEGAL ENTITIES

No.

Full name of the legal entity

Information about state registration (number and date)

TIN

Postal address

Phone number

Payment details

Amount of share in the authorized capital

MFO of the servicing bank

main account

in thousand sums

in percent

A 1 2 3 4 5 6 7 8 9 1. 2. 3. 4. 5. 0,00 0,00%

Chairman of the Supervisory Board

---

(F.I.O.)

(signature)

(Appendix 2 in the edition of Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registry number 3252-1, 05.10.2022) — , 05.10.2022, 10/22/3252-1/0896)

Regulation on the Procedure and Conditions for Granting a License for Banking Activities

APPENDIX 3

RECOMMENDATIONS for preparing a Business Plan

I. Main issues that must be reflected in the Business Plan

The business plan is the main document that defines the bank's activity strategy, directions and scale of activity, and operations to be carried out by the bank for the next three years to achieve its goals, and allows assessing: See previous edition.

a) the bank's ability to ensure financial stability, comply with prudential norms, and comply with the requirements of legislative acts on banks and banking activities; ( the second sub-paragraph of Chapter I in the edition of Order No. 16-mh of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 (registry number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

b) the bank's ability to operate as a profitable financial institution over the long term;

c) the adequacy of the risk management system adopted by the bank.

The business plan must be prepared taking into account the following:

1. calculations and forecasts must be prepared taking into account the real economic conditions of the market segment where the bank operates;

2. the impact of bank operations on the development of the region or the country's economy must be shown;

3. the business plan must reflect the bank's profitability forecast for the next three years;

4. estimated indicators and forecasts must be prepared based on verified information, be close to reality, and of high quality; See previous edition.

5. the adequacy of the bank's capital must correspond to the standards set for capital adequacy and be sufficient to cover the forecasted growth of assets and initial expenses related to organizing bank activities. This means that the level of capital must not be less than the amount established by legislative acts on banks and banking activities after deducting all expenses and losses related to the establishment and launch of the bank's activities. ( the tenth sub-paragraph of Chapter I in the edition of Order No. 16-mh of the Ministry of Justice of the Republic of Uzbekistan dated July 28, 2021 (registry number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

The business plan must include:

1. the economic basis for establishing the bank and the financial prospects of bank activities (budget, forecasted: balance sheet report, profit and loss statement, capital adequacy);

2. the structure of the bank's management and internal control system; See previous edition.

3. the bank's credit and (or) financing policy (risk assessment mechanisms in granting loans and (or) conducting Islamic finance operations, mechanisms for continuous monitoring of granted loans, as well as other issues related to the bank's credit and (or) financing policy); (Chapter I, fourteenth sub-paragraph in the edition of Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registry number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

4. measures taken to combat the legalization of proceeds from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction;

5. a plan for attracting customers and creating a customer base;

6. a plan for attracting employees and implementing personnel policy;

7. an asset and liability management plan;

8. other aspects related to organizing and conducting bank activities. See previous edition.

The business plan of a bank conducting Islamic banking activities must also include market analysis, financing plans, products and services, financial forecasts, and risk management issues related to Islamic banking activities. (Appendix 1 was supplemented with the twentieth sub-paragraph based on Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 (registry number 3252-7, 17.07.2026) — , 20.07.2026, 10/26/3252-7/0753)

II. Sample Structure of the Business Plan

1.1. General Information

Specify the name and location of the bank being established. Indicate whether the bank is part of a banking group, and if so, which group.

Specify the last name, first name, and patronymic of the responsible representative, their address, and phone number.

Provide a brief summary of the business plan and the purpose of its preparation.

1.2. Goals and Objectives of Establishing the Bank

When defining the goals and objectives of the bank, it must reflect its long-term role and place in the bank services market.

1.3. Bank Activities

When describing bank activities, it must be taken into account that the bank is market-oriented, i.e., it defines its activities taking into account the political, social, legal, and economic situation in the republic, and correctly evaluates its competitors. When proposing to carry out certain bank operations, the bank must know the future customer base and their characteristics.

Describe the main directions of bank activity, their scale, forecasted revenue volume, and other economic indicators, market growth, and interest rates. Disclose the composition of assets and liabilities. Forecasted balance sheet reports and profit and loss statements must reflect changes in assets and liabilities, the volume of each service type, and the amount of salaries of officials and bank employees.

Changes expected in the market, factors affecting these changes, and their impact on bank activities.

Describe the planned credit policy (risk assessment mechanism in granting loans, mechanism for continuous monitoring of granted loans, and other issues related to the planned credit policy), policies on deposit services, as well as other bank operations that are priority for the bank being established.

When disclosing credit concentration, it must be shown that the bank must take into account its own funds when granting loans, and establish certain restrictions on granting loans to a specific sector of the economy, a single borrower, a group of mutually indebted borrowers, or persons associated with the bank.

Describe the system of measures taken to combat the legalization of proceeds from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction.

Describe plans for ensuring independent external audit of the new bank.

The internal control system, including the number and personal composition of internal audit, risk management, and compliance control service employees, the activities of committees on audit, risk management, appointment and reward, the quantitative composition of committees, how control over bank activities regarding compliance with prudential norms is carried out, ensuring the quality of assets, storage and monitoring of cash in the vault and branches, and how subsequent work on inspection materials is conducted, must be reflected.

Describe the liquidity management policy to ensure the bank's ability to meet its obligations.

In addition, it is necessary to disclose the formation of reserves to cover possible losses and indicate the forecasted classification of assets.

It is necessary to indicate which policies and procedures will be developed and in what timeframes.

Provide information on the provision of banking activities with premises, offices, banking equipment, transport vehicles, as well as with a security system, including software tools protecting against unauthorized use of information, and a fire safety system.

1.4. Market Analysis and Marketing

The planned marketing activity should reflect how it will ensure the forecasted market share. Evaluate the impact of economic indicators and indicators characterizing financial markets on the dynamics of development of the main directions of activity, including the main banking products and services, as well as on increasing employment activity in regions; describe the impact of banking operations on the development of the regional or national economy. Specifically, provide descriptions of the following:

1. features of the banking system;

2. the target segments of the banking and financial services market to which the bank's activity is directed, the market area where the bank is expected to operate, the forecasted development dynamics, opportunities and limitations for capturing the market;

3. the impact of banking operations on the development of the regional or national economy;

4. bank plans aimed at differentiating products and services in terms of quality, price, service, etc., distribution, promotion and advertising plans, pricing policy (setting tariffs based on demand or costs, including planned future tariff levels), customer service, geographic expansion (in the domestic market, abroad), and measures to capture a share of the banking services market.

5. current and potential future competitors, objectively assessing their strengths and weaknesses and your own, the position the bank intends to occupy in the market, their attitude towards the emergence of the bank in the market, and how the bank intends to achieve success.

1.5. IT Infrastructure

Specify the main directions of the proposed IT infrastructure of the bank. Describe what technological solutions the bank intends to implement in the process of providing services to customers and carrying out operational activities. Specifically, describe what innovative technologies and software are planned to be used in providing remote banking services to customers and how the development of this infrastructure will be implemented.

1.6. Management and Governance

Describe the organizational structure of the bank, the principles of distribution of management functions among the bank's management bodies, and the scope of responsibilities of the Chairman of the Management Board and management members, including the accountability and duties of structural subdivisions. For each type of activity of the bank, the responsibility of the bank's management members, their powers (for example, in matters of approving loan decisions), and the system of continuous risk management in all directions of activity must be clearly stated.

Show the planned staffing table (planned number of employees in structural subdivisions) necessary for the bank's intended activity, the plan for attracting personnel and implementing the bank's personnel policy, plans for paying employee salaries taking into account planned bonuses and other incentives for attracting and retaining employees, and the forecast of the total cost of expenditures on employees. The bank's organizational structure must include mechanisms for information dissemination among all levels of the bank, i.e., how frequently meetings of the bank's Supervisory Board, Management Board, and committees, as well as other management meetings or gatherings, are planned to be held, what information is provided to the bank's Supervisory Board and other management bodies, and with what periodicity.

List the candidates proposed for the positions of the bank's Supervisory Board and the Chairman of the Management Board and other key employees, as well as the qualities that the managers being appointed to these positions must possess. Show the main criteria they must possess to achieve the goals set by the bank.

Describe the established main criteria for the heads of important structural subdivisions and the procedure for their approval. Describe the planned growth rates of employees during the bank's first three years of activity.

Describe the bank's policy on expanding and maintaining corporate governance principles, and how this matter is regulated by internal normative documents.

1.7. Capitalization

Specify information on the main founders (shareholders) holding controlling ownership or exercising control, the characteristics of the relationship between the founders, the financial status of the founders' activity for the last three years up to the date of the balance sheet submission, the main directions of their activity, and information about their managers (members of the Supervisory Board and Management / executive bodies).

If the bank is part of a banking group, provide information on the financial status of the banking group.

Specify the financial capabilities of the founders (shareholders) to provide additional capital when necessary. Show the percentage ratio of each founder's share to the total volume of shares issued by the bank.

Describe the expected composition of the capital, how the bank plans to maintain capital, and provide an assessment of the forecasted capital adequacy taking into account the risk-weighted assets in accordance with the normative documents of the Central Bank of the Republic of Uzbekistan, considering the bank's intended direction and main practices. Describe how the compliance with established prudential norms for capital adequacy is planned to be ensured. Show the number of shares issued.

Recommendations for preparing a business plan

ANNEX 1

Recommendations for preparing a business plan

ANNEX 2

Recommendations for preparing a business plan

ANNEX 3

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 4

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 5

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 6

See previous edition.

QUESTIONNAIRE To be filled out by the potential recipient (founder) who is a natural person

Part 1. General Information

1.1. Full Name __________________________________________________________________________

1.2. If you have changed your surname, first name, or patronymic, specify the time and reason for the change, as well as your previous surname(s), first name(s), or patronymic(s).

Previous Surname, First Name, and Patronymic | Time of Change | Reason for Change

1.3. Date of Birth (day, month, year) ________________________________________________________

1.4. Place of Birth (city/district, region, country) ________________________________________

1.5. Citizenship (if multiple citizenships exist, list all) _________________________

Specify how this citizenship was obtained: by birth, after marriage, or other reasons - provide explanation ______________________________________________

1.6. Identity document: series (if available) ____ number _________ issued by __________________________ date of issue ____________ (in case of multiple citizenships, provide details of identity documents issued by all relevant states)

1.7. Place of Residence ____________________________________

1.8. Place of Stay ____________________________________________________

1.9. Phone numbers (mobile, home) _______________________________________________________

1.10. Work address, phone number, fax, email ______________________________

1.11. Education ____________________________ (higher, incomplete higher, secondary special, secondary)

Name of Educational Institution | Location | Faculty or Department | Year of Enrollment and Graduation | Specialty according to Diploma

1.12. Professional Activity (from the start of labor activity)

Date of Employment (month, year) | Date of Resignation (month, year) | Name of Institution | Location | Position Held | Reason for Leaving

1.13. Have any accusations ever been brought against you, or against any legal entity related to you in your capacity as a participant (shareholder) with controlling ownership and/or an official (member of the Supervisory Board, member of the executive body, chief accountant or financial director, director, etc.) in any calendar year:

• for administrative offenses, including cases where the case was closed or charges were dropped (yes / no) ______________
• disciplinary sanctions applied (yes / no) ______________
• for committing crimes, accusations brought in accordance with criminal legislation, including cases where the criminal case was closed, an acquittal was issued, or criminal liability was waived (yes / no) ____________________________

If yes, provide detailed information about the accusation, ruling, or any accusation by any state body or applied disciplinary sanctions of the law enforcement agency, specifying the name of the law enforcement agency, as well as the results and decisions of court proceedings (including cases where the case was closed, charges were dropped, an acquittal was issued, or criminal liability was waived): ___________________________________________

1.14. Do you have any unexpunged or removed convictions?

If existing, provide explanation: _________________________________________

Has a decision been made to prohibit you from engaging in certain professional activities? If yes, provide explanation: ________________________________________

Attach documents confirming the information specified in this item of the questionnaire.

1.15. Specify each legal entity related to you that has been declared bankrupt by compulsory procedure or is undergoing compulsory liquidation proceedings, in your capacity as a participant (shareholder) with controlling ownership and/or an official (member of the Supervisory Board, member of the executive body, chief accountant or financial director, director, etc.): __________________________________

Provide detailed substantiated information about your role and responsible areas in the legal entity related to you that was subject to bankruptcy or compulsory liquidation proceedings: ________________________________________________

1.16. Have investigative actions been conducted by state or supervisory authorities against any legal entity related to you in your capacity as a participant (shareholder) with controlling ownership and/or an official (member of the Supervisory Board, member of the executive body, chief accountant or financial director, director, etc.)? If yes, provide explanation: ________________________________________________

1.17. Are inquiry, preliminary investigation, or court proceedings currently being conducted against you? If yes, provide explanation: ______________________________

Attach documents confirming the information specified in this item of the questionnaire.

1.18. Has an assessment of you as a bank shareholder been conducted by a competent authority of a foreign state? If yes, attach the relevant authority's decision (conclusion) to the questionnaire.

1.19. Have restrictive sanctions regarding ownership of the charter fund (charter capital) ever been applied to you by competent authorities? If yes, provide explanation:

1.20. Marital Status

Part 2. Financial Status

2.1. If you have credit debt (other obligations) to any person, provide the following information for each debt (obligation) along with relevant supporting documents:

(Annex 6 of the Resolution of the Management Board of the Central Bank of the Republic of Uzbekistan dated November 14, 2025 No. 27/10 (registration number 3709, dated 21.11.2025) - , 24.11.2025, No. 10/25/3709/1082)

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 7

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 8

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 9

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 10

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 11

See previous edition.

QUESTIONNAIRE Of a Candidate for Bank Management

1. General Information

1.1. Information about the Position Bank Name Position for which the candidate is recommended

1.2. Full Name Surname First Name Patronymic

1.3. Previous Full Name Surname First Name Patronymic Date of Change Reason for Change

1.4. Place of Stay Address City / District Region Country Date of starting to live at this address

1.5. Place of Residence Address City / District Region Country Date of registration at this address

1.6. Identity Document Information (in case of multiple citizenships, provide details of identity documents issued by all relevant states) Series (if available) and Number Date of Issue Validity Period Issuing Country Issuing Authority

1.7. Other Information Date of Birth (day, month, year) Place of Birth (city, country) Citizenship (if multiple citizenships exist, list all)

1.8. Contact Information Mobile Phone Number Work Phone Number Email Address

2. Professional Reputation

2.1. Do you have any unexpunged or removed convictions for crimes against the economy, management order, or crimes related to the legalization of income obtained from criminal activity, financing of terrorism, and proliferation of weapons of mass destruction? □ YES □ NO If yes, provide full explanation.

2.2. Are you responsible for actions that led to the revocation of a legal entity's license and/or the introduction of a temporary administration regime in it, as well as the emergence of financial and/or administrative problems in the areas of activity for which you are responsible? □ YES □ NO If yes, provide full explanation.

2.3. Have you been dismissed from your current position or had your powers terminated prematurely at the request of the Central Bank or a competent authority of a foreign state? □ YES □ NO If yes, provide full explanation.

2.4. Has your candidacy for a management position been disapproved (appointed, approved) by the Central Bank or a competent authority of a foreign state? □ YES □ NO If yes, provide the following information: a) name of the competent authority that conducted the assessment: b) bank name: c) position for which you were assessed: d) date of assessment: e) which of the following criteria led to the disapproval (appointment, approval) (if disapproved based on several criteria, list all): □ professional reputation; □ experience, knowledge, and skills; □ independence of judgment; □ sufficient time; □ team compatibility; □ other criteria (specify criterion): Provide any other information related to this situation.

2.5. Has your approval (appointment, approval) for a management position been revoked by the Central Bank or a competent authority of a foreign state? □ YES □ NO If yes, provide full explanation.

2.6. Did you enter a management position requiring approval (appointment, approval) by the Central Bank or a competent authority of a foreign state without such approval (appointment, approval)? □ YES □ NO If yes, provide full explanation.

2.7. Did you make decisions in the interests of personal or group interests, or participate in making such decisions, as a manager in a legal entity or its separate subdivision, causing damage to this legal entity or its separate subdivision? □ YES □ NO If yes, provide full explanation.

2.8. Are inquiry, preliminary investigation, or court proceedings currently being conducted against you? □ YES □ NO If yes, provide full explanation.

2.9. Did your actions or inactions lead to the bankruptcy and compulsory liquidation of a legal entity in which you participate or participated as a member of the Supervisory Board, member of the executive body, or participant (shareholder) with controlling ownership, or controlled or control by other means? □ YES □ NO If yes, provide full explanation.

2.10. Have strict and serious violations been subject to measures and sanctions by the financial sector supervisory authorities of the Republic of Uzbekistan or a foreign state against a legal entity in which you participate or participated as a member of the Supervisory Board, member of the executive body, or participant (shareholder) with controlling ownership, or which is controlled or controlled by you by other means? □ YES □ NO If yes, provide full explanation.

2.11. Have disciplinary measures or individual measures and sanctions been applied to you? □ YES □ NO If yes, provide full explanation.

3. Experience, Knowledge, and Skills

3.1. Information about Higher Education: Name of Educational Institution | Location of Educational Institution | Duration of Study (month, year) | Faculty | Level of Higher Education (bachelor, master...) | Specialty according to Diploma

3.2. Training courses (seminars) attended at training centers: Organizer of Training Course (Seminar) | Location | Topic of Training Course (Seminar) | Duration of Conducting | Availability of Certificate (yes/no)

3.3. Information about Labor Activity (excluding labor activity in management positions): Duration of Work (day, month, year) | Name of Organization | Main Activity Type of Organization | Location of Organization (postal address) | Structural Subdivision of Organization | Position Held (including membership in Supervisory Board) | Availability of Disciplinary Sanctions | Reasons for Dismissal / Early Termination of Powers

3.4. Information about Labor Activity in Management Positions*: Duration of Work (day.month.year) | Name of Organization | Main Activity Type of Organization | Location of Organization (postal address) | Structural Subdivision of Organization | Position Held | Availability of Disciplinary Sanctions | Reasons for Dismissal from Position

• The term "Management Position" refers to the activity defined in paragraph 94 of this Regulation.

4. Independence of Judgment

4.1. Is any of your close relatives a member of the bank's Supervisory Board or Management Board, a key employee, or a shareholder with controlling ownership? □ YES □ NO If yes, provide the following information: a) Full Name: b) Relationship: c) Position Held: d) Duration of holding this position by this person:

4.2. Do you have close relationships with a member of the bank's Supervisory Board or Management Board, a key employee, or a shareholder with controlling ownership? □ YES □ NO If yes, provide full explanation.

4.3. Have you or your close relatives held a management position in a competing bank or an organization with significant commercial ties with the bank or any of its competitors in the last 2 years? □ YES □ NO If yes, provide full explanation.

4.4. Do you or persons with whom you have close relationships currently have significant financial interests or obligations towards the bank, the shareholder with controlling ownership of the bank, an organization whose controlling share is owned by the bank, bank competitors, or customers? □ YES □ NO If yes, provide full explanation.

5. Sufficient Time

5.1. Organizations where you are a member of the Supervisory Board or executive body, temporary administrator, or liquidation commission: Organization Name | Main Activity Type | Location | Membership in Group (yes/no) and Group Name | Amount of Assets at the End of the Reporting Year | Position Held (membership) | Duration of Holding Position (Membership) | Number of Meetings during the Year

5.2. Other Professions and Political Obligations: _____________________________________________________________________________________________

---

---

6. Team Compatibility

6.1. Your level of knowledge in the following areas: Area Name | Level of Knowledge High | Average | Low | Not Available Main Directions of Banking Activity and Related Risks Financial Markets, including Money and Securities Markets Accounting and Reporting Risk Management Combating the Legalization of Income from Criminal Activity, Financing of Terrorism, and Proliferation of Weapons of Mass Destruction Internal Audit Information Technology and Security Normative and Legal Acts of the Republic of Uzbekistan Strategic Planning Environmental, Social, and Corporate Governance (ESG) Principles

Relevant certificates and references confirming the candidate's education in these areas must be attached.

7. Final Part

7.1. I — _______________________________________________________ (Full Name). I provide my consent to the receipt of all additional information necessary for the Central Bank to conduct the assessment from relevant (state and non-state) organizations.

7.2. I — _______________________________________________________ (Full Name). I confirm that the information provided above in the questionnaire is reliable and complete, and that it is provided based on my knowledge and information regarding the questions posed in the questionnaire. I acknowledge that if information is intentionally distorted or not fully provided by me, this situation will serve as a ground for disapproval of the candidate.

________________ Signature «____» ________________ Year.

Note:

1. The candidate signs every page of the questionnaire;
2. Corrections in the questionnaire are confirmed by the words "trust the correction" and the candidate's signature.

(Annex 11 of the Resolution of the Management Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026 No. 19/2 (registration number 3252-7, dated 17.07.2026) - , 20.07.2026, No. 10/26/3252-7/0753)

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 12

See previous edition.

To the Regulation on the Procedure and Conditions for Granting a License for Banking Activities

ANNEX 13

Information about the branch: Location/postal address ______________________________________________

(Region, city/district, MFY/SFY, street name and house number are indicated)

Postal code ____________ Phone _________________ Fax _______________

List of documents attached to the notification ______ pages:

1. ______________________________________________________________;
2. ______________________________________________________________;
3. ______________________________________________________________.

“____” _________________ y.

......

(13-attachment to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 19/2 dated August 22, 2022 (registration number 3252-1, 05.10.2022 y.) in the edition — , 05.10.2022 y., 10/22/3252-1/0896-no) See previous edition.

To the Regulation on the Procedure and Conditions for Licensing Bank Activity 13 1 -ATTACHMENT

......

Central Bank of the Republic of Uzbekistan

......

NOTIFICATION about opening a bank service office

---

(name of the bank)

_________________________________________________________ notifies about the opening of a bank service office.

By sending this notification, the bank confirms:

1. that it has a stable financial position*;
2. that the premises of the bank service office, its security provision, equipment, organizational and technical means, and software comply with the requirements of the Central Bank.

• stable financial position of the bank — a state reflecting the sufficiency of funds to maintain the proportionality of the bank's financial flows, solvency, liquidity, and profitable activity, as well as the fulfillment of all prudential norms by the bank.

Information about the bank service office: Location/postal address ______________________________________________

(Region, city/district, MFY/SFY, street name and house number are indicated)

Postal code ____________ Phone _________________ Fax _______________

Name and code of the branch attached to the bank service office:___________________

List of documents attached to the notification ______ pages:

1. ______________________________________________________________;
2. ______________________________________________________________;
3. ______________________________________________________________.

“____” _________________ y.

......