Kazakhstan's Eurasian Bank suffered billions in losses following its exit from Uzbekistan.

Eurasia Bank of Kazakhstan recorded a loss of 5 billion tenge (approximately 130 billion soums) due to the closure of its subsidiary bank in Uzbekistan. 

 

It was reported that the loss resulted from the depreciation of investments. In 2024, the bank had invested 7.56 billion tenge, or nearly 200 billion soums, into the capital of its subsidiary bank in Uzbekistan. In August 2025, the management decided to cease operations in the country.

 

The bank's report states that the loss of 5 billion tenge is reflected in the profit and loss statement, while assets of 2.56 billion tenge expected to be recovered from the liquidation of the subsidiary are recorded as other assets.

 

Eurasia Bank had been preparing for several years to enter the Uzbek market. The bank had been working on expansion plans since at least 2017, and in 2022, it received permission from the Kazakh regulator to open a subsidiary bank in Uzbekistan. 

 

A license was also granted by the Uzbek regulator in January 2024. Nevertheless, the bank ceased operations by mid-2025.

 

It is noted that the number of Kazakh companies leaving the Uzbek market has been increasing in recent years. In particular, in the summer of 2025, the "Magnum" retailer, affiliated with Kaspi, also exited the country. The company had entered the Uzbek market in 2021 and later acquired the company managing the Carrefour store chain.

 

Additionally, Freedom Bank, controlled by Timur Turlov, had announced that it was exploring opportunities to enter the Uzbek market. However, it later became known that the company had abandoned its plan to enter the Kyrgyz market. Plans regarding Uzbekistan remain unclear for now.

 

Currently, one of the major Kazakh banks operating in Uzbekistan is Halyk Bank, which works through Tenge Bank. The bank had previously announced that it was negotiating a mutual sale of shares with the Click payment system.