Uzbekistan Banking Association (UBA) and Association of Banks in Malaysia (ABM) have signed the mMemorandum of understanding.

According to the memorandum signed by UBA Executive Director S. Abdullaev and ABM Executive Director Chu Mey Lin, the Associations will develop mutual cooperation and provide for exchange of experience between banks of both associations.

"We are glad to greet the Association of Banks of Malaysia as a representative of 22 commercial banks of the country. Association of Banks of Malaysia is ready to help our colleagues from Uzbekistan," said Chu Mey Lin.

His colleague from Uzbekistan is hoping that memorandum will become "the first step in establishing a close cooperation between banks of both countries since Uzbekistan is willing to increase the understanding of Malaysia bank infrastructure and bank operating experience."

ABU was set up in 1995 on voluntary basis and it gathers commercial banks of Uzbekistan and helps to bring Uzbek bank sector in correspondence with international standards.