Supervisory Board
Ilkhom Norkulov
Chairman of the Supervisory Board
Date of birth: April 21, 1981
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Norkulov Ilhom Ibrokhimovich is an accomplished economic policy leader with over 20 years of experience in financial analysis, monetary policy, and economic development, currently serving as the First Deputy Minister of Economy and Finance of the Republic of Uzbekistan. With a Master’s degree in International Economic Relations and Economic Development from the University of Glasgow, UK, he has held key leadership roles, including Chairman of the Supervisory Board of JSCB “Business Development Bank,” Deputy Chairman of the Central Bank, and Director of the Monetary Policy Department. Fluent in Russian and English, he has a proven track record of spearheading monetary policy reforms, driving poverty reduction initiatives, and modernizing financial systems to foster sustainable economic growth and international collaboration.
Timur Khusanov
Chairman of the Supervisory Board
Date of birth: March 14, 1986
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Timur Nuritdinovich Khusanov is an experienced leader in economic policy and business development, currently serving as the Director of the Department for Analysis, Support and Coordination of State Policy for Small and Medium-Sized Business Development at the Ministry of Economy and Finance of the Republic of Uzbekistan. He also serves as a Supervisory Board member of the JSCB “Business Development Bank”. With a background in metallurgy engineering from the Moscow Institute of Steel and Alloys and public administration from the Academy of Public Administration under the President of the Republic of Uzbekistan, he has held key roles in various government ministries, focusing on international ratings, business environment improvement, and entrepreneurship development.
Behruz Ziyadullayev
Member of the Supervisory Board
Date of Birth: 23 March 1996
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Behruz Ziyadullayev is a specialist with experience in public finance, capital markets, state asset management, and privatisation.
He earned a bachelor’s degree in World Economy and International Economic Relations from the University of World Economy and Diplomacy in 2020. In 2025, he obtained a master’s degree in Capital Markets and Exchange Operations from the Banking and Finance Academy of the Republic of Uzbekistan.
He began his professional career in 2020 at the Ministry of Finance of the Republic of Uzbekistan. Throughout his career, he has held positions involving non-performing loans, public external debt accounting, capital and insurance market development, and the transformation and privatisation of strategic state assets.
Since August 2025, he has served as Chief Specialist in the State Banks Division of the Department for Transformation and Privatisation of State Banks and Assets at the Ministry of Economy and Finance of the Republic of Uzbekistan.
He speaks English and Russian.
Zumrat Ibrahimjanova
Member of the Supervisory Board
Date of birth: February 21, 1972
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Zumrat Amanbayevna Ibrahimjanova is an accomplished finance professional with extensive experience in project financing and economic development, currently serving as the Head of the Investment Project Expertise Department of the Fund for Reconstruction and Development of the Republic of Uzbekistan. She is also a Member of the Supervisory Board of JSCB “Business Development Bank”. Born on February 21, 1972, in Osh city, Kyrgyzstan, she is an Uzbek national. She holds higher education, having graduated from Samarkand Cooperative Institute in 1993 and Tashkent Financial Institute in 2004. Her educational specialization includes economics and project finance.
Behzod Khoshimov
Member of the Supervisory Board
Date of Birth: 8 August 1993
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Behzod Khoshimov is an academic and professor with international experience in economics, business, entrepreneurship, and research.
He earned a bachelor’s degree in Applied Mathematics from Nanyang Technological University in Singapore in 2015, followed by a master’s degree in Economics from the University of Wisconsin in the United States in 2017. In 2023, he obtained a PhD in Business from the Wisconsin School of Business.
Throughout his career, he has held research and academic positions at several institutions, including Andes Fund Management in Singapore, Inha University in Tashkent, and the Academy of Public Administration under the President of the Republic of Uzbekistan.
He also worked as a researcher at the Weinert Center for Entrepreneurship at the Wisconsin School of Business and conducted doctoral research at the University of Wisconsin.
Since August 2024, he has served as a Professor of Business, Organizations and Society at New York University Abu Dhabi (NYU Abu Dhabi).
Saidkamol Khodjaev
Independent Member of the Supervisory Board
Date of birth: June 7, 1979
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Saidkamol Saidkarimovich Khodjaev is an accomplished banking and finance professional with extensive experience in the financial sector of Uzbekistan. He currently serves as an Independent Member of the Supervisory Board of JSCB “Business Development Bank”.
Born on June 7, 1979, in Tashkent, he is an Uzbek national. He holds a Bachelor's degree in Banking from the Tashkent Financial Institute (2003) and a Master's degree in International Economic Relations from the Academy of State and Public Administration under the President of the Republic of Uzbekistan (2007). Throughout his career, Khodjaev has held significant leadership positions, including:
· First Deputy Chairman and Deputy Chairman of the Central Bank of the Republic of
Uzbekistan (2016-2017).
· Chairman of the Board of JSCB Agrobank (2017-2018).
· Deputy Minister of Agriculture of the Republic of Uzbekistan (2018-2020).
Richard Ogdon Peregrine
Member of the Supervisory Board
Date of Birth: 26 April 1965
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Richard Ogdon Peregrine is a British finance professional with over 35 years of experience in investment banking, corporate governance, risk management, and international finance.
He graduated from Lincoln College, University of Oxford, United Kingdom, with a Bachelor of Arts degree.
He began his professional career in 1987 at UBS Warburg, an international investment bank, where he held various positions and progressed to Executive Director before leaving in 2000.
Throughout his career, he has held senior leadership positions at major financial institutions, including Troika Dialog Group, Uralsib Financial Corporation, and the Russian Direct Investment Fund. His professional experience spans investment banking, risk and capital management, investment strategy, and corporate governance.
He has also served in executive and board-level positions at several companies, including AvtoVAZ, KAMAZ, High River Gold Mines, Sova Capital Limited, RS Capital Ltd, and TrData Limited.
Since July 2020, he has served as an Independent Member of the Supervisory Board of Ameriabank. From 2023 to 2025, he also served as an Independent Board Member at Altai-Global Ltd.
David Nigel Cleave
Independent Member of the Supervisory Board
Date of Birth: 28 March 1956
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David Nigel Cleave is a British professional with over 30 years of experience in banking management, financial management, operational leadership, and international organisations.
He graduated in 1977 from City of London Polytechnic in the United Kingdom with a bachelor’s degree in Economics and Banking.
Throughout his career, he has held senior executive positions in international banks and organisations. From 1993 to 1997, he served as Chief Operating Officer at ING Barings in Budapest, Hungary. He subsequently held the same position at Raiffeisen Bank Ukraine from 1997 to 2003.
From 2003 to 2009, he served as Chief Financial Officer at the Science and Technology Center in Ukraine (STCU).
Between 2009 and 2025, he held the position of Executive Director at the International Science and Technology Center (ISTC), operating in Moscow and Astana.
His professional expertise encompasses banking operations, financial oversight, international organisational management, and strategic leadership.
Bruno Balvanera
Independent Member of the Supervisory Board (France)
Date of birth: September 5, 1962
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Bruno Balvanera is a seasoned international finance and development expert with over 35 years of experience in banking, investment, and sustainable development, including 23 years in senior leadership roles at the European Bank for Reconstruction and Development (EBRD). He has successfully led regional operations across Central Asia, the Caucasus, and Russia, overseeing multi-billion-euro investment portfolios and advancing public-private partnerships, financial sector reform, and inclusive economic growth. A Non-Executive Director on the boards of major banks in Uzbekistan and Georgia, he is also an active fintech investor and strategic advisor. Mr. Balvanera holds an MBA from the University of Chicago Booth School of Business and has pursued executive education at Harvard and Chicago. Fluent in English, Spanish, and French, with advanced Russian, he is recognized for his commitment to governance, transparency, and private sector-driven development in emerging markets.