The article discusses the theoretical and practical aspects of the privatization process of commercial banks with state ownership in Uzbekistan on a scientific basis. The main goals of privatization are to liberalize the banking system and strengthen the competitive environment in the financial market, improve corporate governance systems, and attract international investors. The analysis shows that a high state ownership in the banking sector negatively affects the efficiency of the financial market, slows down the diversification of services, and narrows the competitive environment. Based on comparison with international experience, it is argued that the phased privatization model is the most appropriate approach in the conditions of Uzbekistan.

state ownership, commercial banks, privatization, financial market liberalization, corporate governance, competitive environment, international experience.

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