Uzbekistan’s Banks Top List of Country’s Most Valuable Brands

@iStock

British company Brand Finance has published a list of rankings of the most valuable domestic brands in Uzbekistan. Uztelecom took first place among 20 companies with a brand valuation of $241 million, followed by Sanoat Qurilish Bank ($122 million) and Trastbank ($95 million). Additionally, the list includes Aloqa Bank ($43 million), Uzum ($39 million), NBU ($36 million), Anor Bank ($16 million), Farg’onaazot ($7 million), Kafil Sug’urta ($6 million), Uzagrosugurta ($6 million). Uzum recently became Uzbekistan’s first tech-company “unicorn” when it landed an investment of more than $100 million to fund its growth strategy, putting its overall valuation at $1 billion.

Brand Finance’s rating is compiled using information on 20 companies provided by the Uzbekistan Agency for Innovative Development, which is engaged in improving the country’s position in the Global Innovation Index. The British company took into account the company’s value, business efficiency, value of trademarks, as well as marketing investments and brand recognition when compiling the rating.

According to international PR expert Natalia Ikonnikova, in 2024 “[amid] the endless streams of generated content, brands that retain a human face will stand out. This trend is not [in its] first year, but in Uzbekistan it is still gaining popularity.”

Retailer Korzinka, headed by its founder Zafar Hashimov, is a good example of such a brand. Hashimov is not just the official face of the brand, but a real person with his own values and views who does not shy away from personal communication with consumers and eagerly solves problems.

According to Madina Ruzmatova, an independent consultant on corporate PR and personal branding, there are great prospects for the development of content-creators in Uzbekistan. At this early stage of the sector’s maturity, using the right PR tools, it’s possible to gain an audience and increase public awareness of any particular brand.