_BIOGRAPHY Sandro Rtveladze, born in 1984, holds degrees from Georgian Technical University and Jacobs University in Germany, and a Master's from Oxford, in IT, Economics, and Financial Economics respectively. After senior roles at Liberty Bank, Bayport Ghana, TBC Bank Uzbekistan, and OTP Bank Russia, he was appointed Chairman of Ipoteka Bank OTP Group in September 2024.

“WE'RE NOT JUST ADOPTING INTERNATIONAL BEST PRACTICES FROM A LEADING EUROPEAN BANKING GROUP — WE'RE MAKING THEM OUR OWN.”

SINCE THE ACQUISITION BY OTP GROUP, HOW WOULD YOU DESCRIBE IPOTEKA BANK’S TRANSFORMATION?

​

When OTP Group acquired a 73.71% majority stake in June 2023, it wasn't just a change of ownership — it was a genuine turning point. We've moved fast. Today, Ipoteka Bank is the sixth largest bank in Uzbekistan by total assets, which now stand at US$ 4.5 billion, and the fifth largest by deposits. We hold a 22.1% share of the mortgage market and rank first in retail lending. OTP Group is pleased with our progress, and frankly, so am I.

What's changed isn't just the numbers. We've overhauled operations, governance, and risk management — and our people have risen to meet that challenge. The culture has shifted toward real transparency and accountability. Customers have noticed too: our NPS climbed from 36% to 67% in a single year, moving us from seventh to fourth place in the market.

We now rank first in Uzbekistan for call center quality, with average waiting time cut from four minutes to just 24 seconds. We're not just adopting international best practices from a leading European banking group — we're making them our own.

WHAT ARE YOUR AMBITIONS FOR IPOTEKA BANK’S ROLE IN UZBEKISTAN?

​

I want us to be a genuine partner in this country's growth — not just a lender. That means being present everywhere: we currently serve nearly 1.9 million active clients through 132 branches and touchpoints nationwide, including a large share of Uzbekistan's civil service payroll clients. Our corporate client base more than doubled in 2025, from 1,785 to over 4,400 clients, including 155 large and international companies.

​

The financial results back that up. In 2025, we posted a net profit of US$ 141.5 million, a return on equity of 22.4%, and a net interest margin of 7.1% — all while keeping our cost-of-risk below 1% and maintaining a capital adequacy ratio above 20%. Our retail loan portfolio grew 20.6% year-on-year to US$ 2.3 billion, with cash loans up nearly 50%. OTP Group's broader commitments in Uzbekistan — including in agriculture — reflect a shared belief in this country's long-term potential.

Uzbekistan's GDP grew 7.7% in 2025, inflation is at a five-year low, and the investment climate is strengthening. We want to help finance what comes next: entrepreneurship, strategic industries, infrastructure. As a universal bank, we want to be at every level of that story.

HOW IS IPOTEKA BANK POSITIONING ITSELF FOR THE DIGITAL FUTURE?

​

Over the past year, we've invested more than US$ 100 million in upgrading our IT infrastructure, backed by over 1,000 man-days of technical support from OTP Group's headquarters. The results are real: we've gone from 38% to 76% in end-to-end digital sales ratio, making us a top-three performer across the entire OTP Group. Mobile banking app downloads grew 59% year-on-year, verified unique users are up 54%, and total transaction volumes through the app nearly doubled. But the investment is only part of it.

We launched a fully redesigned mobile banking platform in 2025, implemented a new decision engine for faster loan approvals, and stood up a modern data warehouse — all in parallel. What I really care about is what that technology unlocks for our clients — whether they're in Tashkent, Samarkand, or a remote village. Digital transformation is how we reach people who've historically been excluded from the financial system. When more people can participate, the whole economy benefits.

WHAT ADVANTAGES DOES IPOTEKA BANK BRING TO CORPORATE CLIENTS?

​

Being part of OTP Group is a real differentiator. We operate under ECB supervision and adhere to EU regulatory standards — which means international corporations and investors are working with an institution that meets the same expectations they'd have anywhere in Europe.

That level of governance and compliance is genuinely rare in this market. In 2025, we issued US$ 400 million in Eurobonds to record international investor demand — a US$ 300 million five-year dollar tranche and a UZS 1.2 trillion three-year local currency tranche. That response tells you something about how the market sees us.

Our major financing partnerships in 2025, including a US$ 80 million deal with Acwa, US$ 60 million with Uzbekneftegaz, and US$ 60 million with Uztelecom, reflect the trust that serious institutional partners place in us.

This year, we were named Bank of the Year 2025 by The Banker, Best Retail Bank 2025 by Euromoney, and Best ESG Program 2025 by Asian Banking & Finance, among 15 international awards. Those aren't just plaques on the wall — they reflect a standard we hold ourselves to every day.

​

But beyond the credentials, what I keep coming back to is relationships. We're not here to close transactions, we're here to build partnerships that last. That's a role I take seriously, and the numbers show we're delivering on it.