_BIOGRAPHY A career banker, Sardor Rifatovich Normukhamedov has served as Chairman of the Board of Trustbank since May 2017. Before his appointment, he spent two years as First Deputy Chairman of the Board at the People's Bank of the Republic of Uzbekistan.

“FOR INTERNATIONAL INSTITUTIONS EVALUATING UZBEKISTAN TODAY, TRUSTBANK SERVES AS A RELIABLE LOCAL PARTNER WITH MORE THAN THIRTY-TWO YEARS OF INSTITUTIONAL EXPERIENCE IN OUR MARKET”

TRUSTBANK OPENED ITS DOORS IN 1994. WHAT DOES THE BANK'S THIRTY-YEAR JOURNEY SAY ABOUT UZBEKISTAN TODAY?

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Trustbank received Central Bank licence number 44 on 21 June 1994, in the early period of our independence. From that moment the Bank has accompanied Uzbekistan through every stage of its economic development. Our first clients were the small traders of the Republican Commodity Exchange, and over the years our portfolio has expanded to include established industrial enterprises producing cable, electronic components, construction materials, and industrial equipment.

Today Trustbank operates thirteen branch offices across the Republic and employs close to two thousand specialists, and our correspondent network reaches major financial institutions across multiple international markets. Throughout these years the Bank has remained continuously private, an exceptional record within the national banking sector and one of the foundations of the trust we have earned from our clients.

Foreign investors who study Uzbekistan over the long term often ask what gives a banking institution longevity here. The answer is straightforward. This country rewards those who arrive early and remain committed to its development.

The historic reforms launched under the leadership of President Shavkat Mirziyoyev have moved more rapidly than many international observers anticipated, and the long-term capital that placed its trust in Uzbekistan during the early years is today receiving its rightful return.

The story of Trustbank is the story of Uzbek families and entrepreneurs who built their businesses with us, and that partnership remains the strongest foundation of everything we will do next.

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S&P AFFIRMED TRUSTBANK AT B+ LAST DECEMBER. WHAT SITS BEHIND THAT RECOGNITION?

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The recent affirmation from Standard & Poor's represents recognition of sustained discipline at every level of our institution. Standard & Poor's confirmed Trustbank at B+ with a stable outlook in November 2025. For private banks operating in emerging markets, ratings of this quality are difficult to achieve and even more difficult to sustain across multiple cycles, which is why our team takes them very seriously.

What the agencies recognise at Trustbank is consistent loan quality across the cycle, a capital base that has grown organically year after year, a deposit franchise broadened across thousands of clients, and disciplined cost management.

The diversification of our deposit base has been a particular point of pride. Small and medium enterprises now represent the majority of new corporate lending, and retail deposits have grown every quarter since 2021.

Within the Central Asian region, Trustbank has earned a distinct reputation as the trusted private partner of international financial institutions seeking a Uzbek counterparty audited under IFRS 9 and certified to ISO 9001 and ISO 37001 standards, with the latter recently reaffirmed by our annual external audit.

ITFC HAS CHANNELLED OVER $68 MILLION INTO TRUSTBANK SINCE 2018. HOW IS ISLAMIC FINANCE RESHAPING UZBEKISTAN'S ACCESS TO GLOBAL CAPITAL?

Trustbank's cooperation with the International Islamic Trade Finance Corporation began in November 2018, when our delegation flew to Jeddah and signed a four-million-dollar line of finance. To date, Trustbank has signed agreements with ITFC totalling forty-seven million US dollars.

Since that beginning, ITFC has channelled more than sixty-eight million dollars to the Bank under four consecutive revolving Murabaha facilities, the most recent signed at ITFC headquarters in March 2026 for twenty million dollars. The funds support small and medium enterprises, women entrepreneurs, green initiatives, and food-security projects across the Republic, with women-led businesses receiving particular attention in line with our national priorities.

Our cooperation with the Islamic Corporation for the Development of the Private Sector (ICD) has been equally significant. The first line of finance of seven million dollars was signed in July 2018, and to date more than sixty-seven million dollars have been channelled to the Bank through ICD. Through these partnerships, Trustbank continues to support the uninterrupted economic development of our country.

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TRAST-MOBILE AND TRUSTPAY SIT AT THE HEART OF YOUR RETAIL ARM. HOW HAS DIGITAL CHANGED WHO COMES THROUGH YOUR DOORS?

The digital transformation of Trustbank's services is among our most important achievements of recent years. Today the majority of our retail clients conduct their daily banking through the Trast-Mobile application, and the rate of adoption has surpassed every internal projection set by our planning team.

The TrustPay mobile wallet has further extended our reach, providing peer-to-peer transfers, QR-based payments at retail outlets, instant consumer financing, and direct savings products linked to client deposit accounts.

The application allows clients to monitor multi-currency accounts, send international transfers, manage credit products, and receive payment notifications instantly. The typical Trast-Mobile user today is a young Uzbek professional who manages an entire financial life from a mobile device.

For international businesses operating in Uzbekistan, the implications of this transformation are practical. A foreign company with operations in Samarkand, Bukhara, Andijan, or Fergana can place its Uzbek staff on Trustbank payroll electronically, settle invoices with local subcontractors on the same day, conduct currency operations at officially published morning rates, and reconcile accounts through a direct electronic channel.

Trustbank also provides cash management, treasury operations, international guarantees, and trade finance instruments to multinational corporate clients. The Bank's flagship branch on Navoi Street in Tashkent continues to serve corporate clients with the personal attention that documentary letters of credit and complex international transactions require.

PRESIDENT MIRZIYOYEV WANTS THE ECONOMY DOUBLED BY 2030. WHAT IS YOUR MESSAGE TO INVESTORS STILL WEIGHING UZBEKISTAN?

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Under the leadership of President Shavkat Mirziyoyev, the Republic of Uzbekistan is carrying out one of the most ambitious economic transformation programmes in our region, with the strategic target of doubling national GDP by 2030. This vision is supported by specific projects across every sector of the economy, signed at the highest level and monitored at ministerial level on a monthly basis.

International investors who have studied Uzbekistan in recent years recognise that the reforms are advancing more rapidly than the public discussion sometimes suggests, and the international financial community has responded with growing volumes of capital.

For international institutions evaluating Uzbekistan today, Trustbank serves as a reliable local partner with more than thirty-two years of institutional experience in our market. It is an honour for the Bank to play its part in support of our country's transformation. The Bank handles documentary letters of credit for clients importing equipment from Europe, working capital facilities for joint ventures in the Navoi Free Economic Zone, accounts for international law firms working on concession agreements, and payroll services for multinational enterprises.

In recent months Trustbank has signed new facilities with multilateral institutions from the Islamic Development Bank Group. The growing book of international facilities concluded by Trustbank in recent quarters reflects the confidence that global institutions place in the Republic of Uzbekistan today.