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Uzbekistan Joins Raiffeisen Bank International’s Expanding Direct Access Network

Raiffeisen Bank International has successfully integrated Uzbekistan into its direct access network, opening new doors for international investors to tap into the Uzbek securities market. Discover how this strategic partnership not only simplifies market entry but also connects you to one of Central Asia’s most promising financial landscapes — and explore the rich cultural heritage that makes Uzbekistan truly unique.

  • By Radoslaw Ignatowicz, Farid Alizada
  • Market Trends

Raiffeisen Bank International (RBI) has achieved a significant milestone in its strategic expansion across emerging markets by integrating Uzbekistan into its direct access network. This development marks a pivotal step in facilitating seamless international investor access to the Uzbek securities market, reinforcing RBI’s commitment to supporting the growth and global integration of frontier economies.

Following a formal signing ceremony held at the Ministry of Economy and Finance of Uzbekistan, RBI officially established direct access to the Central Securities Depository of the Republic of Uzbekistan (UzCSD). The event was attended by key representatives from both sides, including RBI Board Member Mr. Rainer Schnabl, as well as RBI Group Prime Services’ Custody Product Owner Radoslaw Ignatowicz and Professional Relationship Manager Farid Alizada. This partnership positions Uzbekistan alongside the bank’s existing direct access markets across Central and Eastern Europe, where RBI has long provided robust and efficient settlement and custody solutions.

Four men in formal business attire stand behind a large wooden conference table holding official-looking folders. The setting appears to be a modern government or corporate meeting room with marble walls, tall curtains, and leather chairs. Two national flags with blue and white colors are displayed behind them, suggesting an official signing or partnership event. The overall atmosphere is professional and ceremonial.
Official signing ceremony of UzCSD agreement with participation of Uzbekistan Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan Mr. Jamshid Kuchkarov, RBI Board Member Rainer Schnabl, UzCSD CEO Mr. Sherali Abdujabbarov and Michael Kuen Head of RBI Fixed Income and Derivatives

The integration of Uzbekistan into RBI’s direct access framework offers clients a streamlined and familiar operating model, eliminating the complexities of multi-layered settlement structures. By leveraging an operating and custody model aligned with RBI’s established practices in the region, investors will be able to access local Uzbek securities—particularly government bonds and fixed income instruments—through a trusted international partner. The post-trade infrastructure has been carefully designed to comply with Uzbekistan’s regulatory environment while adhering to internationally recognized custody standards, ensuring both security and operational efficiency.

In addition to the signing ceremony, RBI’s delegation engaged in a series of high-level meetings and visits to key Uzbek financial institutions, including the Uzbek Republican Currency Exchange, Tashkent Republican Stock Exchange, Central Securities Depository of Uzbekistan, and the National Agency for Perspective Projects. These discussions focused on the technical setup and operational integration necessary to support the new direct access model. To facilitate smooth local operations, RBI has appointed Kapitalbank and the National Bank of Uzbekistan for Foreign Economic Activities as its agent banks, further strengthening the local partnership framework.

RBI’s expansion into Uzbekistan underscores its longstanding expertise in bridging international investors with emerging and frontier markets. By combining deep local market knowledge with a comprehensive understanding of global investor requirements, RBI aims to foster broader international participation in the Uzbek capital market. This initiative aligns with Uzbekistan’s broader economic goals of market development and integration into the global financial ecosystem.

Looking ahead, RBI is committed to working closely with Uzbek authorities and market infrastructure providers to support sustainable growth and innovation within the country’s financial markets. The bank’s direct access model not only simplifies investor entry but also contributes to the ongoing modernization and internationalization of Uzbekistan’s capital markets, paving the way for increased liquidity and investor confidence.

After hours

Being in Uzbekistan and not experiencing this fascinating, history-rich country with its amazing food would be a real shame. Some members of the delegation took the opportunity to extend their visit over the weekend, exploring the lively and modern side of Tashkent while also escaping to the historical capital of Tamerlane’s (Amir Temur’s) empire — Samarkand.

  • Nighttime cityscape featuring two tall modern glass towers with animated light displays on their facades. The buildings overlook a well-lit urban area with streets, smaller structures, and distant lights stretching toward the horizon. In the foreground, a circular fountain or plaza with decorative lighting sits within a landscaped park. The scene highlights contemporary architecture, vibrant city life, and dramatic contrast between bright lights and dark sky.
  • Highly detailed Islamic architectural interior featuring ornate arches and a richly decorated dome. The walls and ceiling are covered with intricate geometric patterns and floral motifs in blue, gold, and white. Light illuminates the gilded details, emphasizing the depth of the muqarnas and tilework. The scene conveys a sense of reverence, craftsmanship, and historic cultural heritage.
  • A historic architectural complex with large domes and tall arched structures rises above a modern urban area. The foreground features contemporary buildings and a tree-lined street, contrasting with the ancient stone monuments in the background. Clear blue sky and bright daylight highlight the turquoise domes and geometric forms. The scene blends cultural heritage with everyday city life in a calm, sunny atmosphere.
  • A historic mosque with a large turquoise dome rises against a clear evening sky. The building features intricate geometric tilework and decorative patterns in warm earth tones. A tall, slender minaret stands to the right, also covered in detailed ornamentation. Soft sunset light highlights the textures of the stone and tiles, while the surrounding area remains mostly in shadow.
  • A large historic Islamic building features an ornate facade covered in blue and turquoise geometric tilework. Tall pointed arches frame recessed entrances and windows, creating deep shadows against the sunlit courtyard. People stand and walk near the base of the structure, emphasizing its monumental scale. The architecture suggests a traditional madrasa or mosque in a Central Asian city, with a domed structure visible in the background.
  • A large crowd gathers at night in front of an illuminated Islamic architectural complex. The central building features a grand arched entrance, intricate tilework, and a turquoise dome glowing against the dark sky. People of various ages stand and sit across the wide courtyard, watching an unseen event. Warm and cool lights highlight the ornate facades and create a festive, atmospheric scene.

This third-largest city in Uzbekistan by population was once the center of an empire stretching from present-day Syria and Turkey to China and India. Samarkand was the cultural jewel of the Silk Road, where the finest architects, craftsmen, and scientists created true masterpieces. Tamerlane’s famous quote, “If you doubt our power, look at our buildings,” perfectly reflects the beauty and magnificence of this place, still visible despite the passage of time. Pictures cannot fully capture the grandeur of the mosques, madrasas, and mausoleums rising high and shimmering in the sun.

After immersing yourself in architectural beauty, you can dive into the vibrant local markets filled with fresh and dried fruits, teas, herbs, and spices. You can also stop by local bars and restaurants to enjoy simple yet delicious cuisine, with the famous plov being an absolute must-try dish.

Once you are satisfied gastronomically, you can explore traditional local crafts, such as handmade paper production or silk carpet weaving. Both are closely connected to a single remarkable plant — the mulberry tree, whose bark is used for paper making and whose leaves feed silkworm larvae. Along the way, you can pick up practical insights: after visiting a carpet factory, you will learn how to distinguish natural silk from synthetic materials, identify silk versus wool carpets, and recognize handmade pieces compared to machine-produced ones. You will also better understand the high cost of these works of art when you realize that crafting a single carpet for an average living room can take anywhere from a few months to several years.

If you grow tired of the city’s pace or are less interested in carpets, you can escape to the nearby mountains, enjoy breathtaking views, and refresh yourself with juicy stalks of wild rhubarb sold in every village. It is a place where you can truly forget everything — but time passes quickly, and after this short yet intense escape, it is time to return.

To return and complete the setup of the link to the capital market of a country that has so much to offer beyond financial opportunities.

This landmark collaboration between RBI and Uzbekistan represents a new chapter in the region’s financial evolution, offering international investors a reliable gateway to one of Central Asia’s most promising markets.

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