On September 18, 2026, Uzbekistan’s Anorbank issued an official statement addressing media reports about one of its shareholders. Two days earlier, Fitch downgraded the bank’s rating to CCC+, and on September 9, the supervisory board approved a capital recovery plan that includes a shareholder injection.
Bank’s position and media reports
An official statement on Anorbank's website emphasizes that the circulating information lacks official backing and has not been confirmed by competent authorities.
“This concerns the personal matters of one of the shareholders, unrelated to the Bank, its capital, management, or operational activities. Conflating these topics is incorrect and unacceptable,” the statement reads. The bank continues to operate normally, fulfilling all client obligations.
The statement was prompted by a report from The Insider, which cited its own sources claiming that Uzbek financier and bank shareholder Kakhramonjon Olimov was arrested in absentia and placed on an international wanted list over financial claims. At the time of publication, there is no official information from Uzbek law enforcement confirming the absentee arrest and wanted status.
Financial impact and capital
Finteqstan previously reported that Fitch downgraded Anorbank's rating to CCC+. The downgrade was driven by a significant deterioration in core capitalization: the Fitch Core Capital (FCC) ratio fell to 0.9% at the end of 2025, down from 4.3% a year earlier. The agency pointed to aggressive lending expansion amid a limited capital buffer.
To rectify the situation, the bank’s supervisory board approved capital recovery measures on September 9, 2026. The plan includes the sale of intangible assets and a 100 billion sum (about $8.4 million) shareholder injection. This is expected to boost the FCC to approximately 5% by year-end. The bank itself attributed the rating downgrade to Fitch’s calculation methodology, which deducts the value of intangible assets, including software.
Ownership structure
According to the Unified Corporate Information Portal, Dutch company Bekamin B.V. currently owns 50% of Anorbank’s shares, Kakhramonjon Olimov holds 49.4%, and insurance company Kapital Sug’urta owns the remaining 0.6%. Olimov also remains a member of the bank’s supervisory board.
What remains unknown
- Which specific shareholder is supposed to inject the 100 billion sums into the capital under the approved plan.
- Who the ultimate beneficial owner of Bekamin B.V. is.
- The position of the Central Bank of Uzbekistan—the regulator has yet to comment publicly on the situation.
