Mayer Brown has advised Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), the Dutch Development Bank, on a subscription for 15% of the equity in Hamkorbank, one of the most successful midsize private commercial banks in Uzbekistan and a public company traded on the Tashkent Stock Exchange. Together with the International Finance Corporation (IFC), which has been a shareholder in Hamkorbank since 2010, FMO and IFC will collectively hold a 30% stake in Hamkorbank.

Ho Chi Minh City-based consultant David Harrison who led the transaction said, “FMO’s investment in Hamkorbank alongside IFC marks a significant step forward for private commercial banks in Uzbekistan and their potential to attract more foreign investment in a heavily regulated sector.”

Other team members include associate Orsolya Szotyory-Grove in Ho Chi Minh City, partners Mark Uhrynuk in Hong Kong and Thomas Vitale in New York who advised on certain New York law aspects of the transaction and they were both assisted by legal assistant Stephanie Hurst in Hong Kong.