Reuters exclusively reported that Uzbekistan plans to make it mandatory for foreign brokers to have a local presence or partnerships in order to arrange Eurobonds for Uzbek issuers. The regulations aimed at curbing the practice of suitcase banking in the former Soviet republic – which plans a steady stream of international bonds in coming years – could take effect as soon as this month. Suitcase banking, where investment bankers only briefly visit their customer’s country to clinch a deal, is widespread in emerging markets but often criticized for doing little to develop local expertise.
Reuters exclusively reports Uzbekistan plans regulations against suitcase banking
02 December 2019, 12:00 am 1 minute
Type: Reuters Best
Regions: Europe / Middle East / Africa