The story
Foundation and Soviet period
1922: On October 28, the Central Asian office of the USSR Commercial and Industrial Bank (Prombank) was established in Tashkent to finance industry and trade.
1924: Following the formation of the Uzbek SSR, the bank became a republican institution acting as a government agent for financing sectors of the national economy.
1926: The bank financed early infrastructure projects, including the construction of the Bozsuv hydroelectric power station.
1932: In May, it was reorganized into Prombank, specializing in financing capital construction and industry.
1940–1960s: The institution provided financial support for industrial facilities during the war and post-war years.
1959: As part of the reorganization of the USSR banking system, the Industrial Bank was transformed into the All-Union Bank for Financing Capital Investments ("Stroybank of the USSR").
1966: The bank allocated financial aid and loans to restore buildings and infrastructure in Tashkent following the 1966 earthquake.
1987: Stroybank was transformed into the Industrial and Construction Bank (Promstroybank). Its functions expanded to provide settlement and cash services to enterprises and issue short-term loans.
Read the full text
1988: The bank participated in government economic programs.
Independence period
1991: Following the dissolution of the USSR, the Promstroybank branch network in Uzbekistan was nationalized. The institution was reorganized as the independent joint-stock commercial bank "Uzpromstroybank".
Early 2000s: Financing was expanded for projects in the oil and gas and energy sectors.
2006: In January, the bank merged with the International Bank of Uzbekistan (Uzprivatbank).
2009: The institution officially changed its name to the Open Joint-Stock Commercial Bank "Uzbek Industrial and Construction Bank".
2011–2016: The bank continued project financing and implemented Basel regulatory reforms related to risk, liquidity, and capital management systems.
Modern transformation and digitalization
2018: The bank initiated structural changes and rebranded using the short name SQB, with advisory support from the International Finance Corporation (IFC).
2019: A Green Banking department was established. The bank issued $300 million in corporate eurobonds on the London Stock Exchange (LSE).
2020: An ESG policy was implemented, and the JOYDA digital retail platform was launched.
2021: The IFC provided a convertible loan of $75 million for SME and green project lending as part of pre-privatization preparations.
2022: The European Bank for Reconstruction and Development (EBRD) provided a $50 million convertible loan. The SQB Business remote service platform was launched.
2023: Eurobonds worth $100 million were issued via private placement to finance climate-related projects.
2024: Dual-currency Sustainability Bonds worth $400 million and 2.25 trillion UZS were issued on the London Stock Exchange. The JOYDA application was renamed SQB Mobile.
2025: A 30% state-owned stake was transferred to the National Investment Fund of Uzbekistan (UzNIF) ahead of a planned IPO. In October, $300 million in Additional Tier 1 (AT1) capital certificates were issued.
The bank issues international Visa Electron and Visa Classic payment cards.
From Wikipedia’s article on Uzbek Industrial and Construction Bank, shared under CC BY-SA 4.0.3