ALMATY -- Kazakhstan's National Bank Tuesday (July 10) signed a co-operation agreement with the Central Bank of Uzbekistan, Kazinform reported.
"Today we have signed an agreement on exchange of information in the area of banking regulation that gives Kazakh banks the opportunity to open subsidiaries in Uzbekistan," Daniyar Akishev, chairman of the National Bank of Kazakhstan, said at a press briefing after the signing of the agreement in Almaty.
Under the agreement, the banks will be able to exchange information concerning innovations that could affect the banking sector of each country, as well as information on their legal and regulatory frameworks.
Kazakhstan's Halyk Bank already expressed interest in the Uzbek market, Akishev said, adding that he hopes other banks in each country will consider opening subsidiaries in the other country.
