Tashkent, Uzbekistan, Nov. 27
By Demir Azizov- Trend:
The Central Bank of Uzbekistan has withdrawn the license of Credit-Standard bank for conducting banking transactions, a message published on the regulator's website said on Nov.27.
"In accordance to Article 53 of the law "On the Central Bank of the Republic of Uzbekistan" and Article 14 of the law "On banks and banking activity" the Central Bank withdrew the license of the Credit-Standard open joint-stock commercial bank for the right of conducting banking transactions due to violation of the banking legislation," the message said.
The message doesn't specify the breaches due to which the license of Credit-Standard bank has been withdrawn. The comments of the bank management on the withdrawal of the license are not available at the moment.
It was reported that the Uzbek Central Bank withdrew Credit-Standard's general license to conduct foreign currency transactions in December 2012.
Credit-Standard Bank was established in August of 2003 as a private open joint stock commercial bank with the initial authorized capital of 1.3 billion soums. It was transformed into an open joint-stock commercial bank in October of 2007.
The network of the bank consists of four branches and eleven mini-banks in three regions of the country - Tashkent, Samarkand and Fergana. A prestigious international magazine The Banker (UK) recognized Credit-Standard OJSCB as the best bank in 2011 in Uzbekistan.
According Bankir.uz, the bank's capital amounted to 42.4 billion soums as of April 1, 2011.
More recent financial performance data of the bank is missing.
According to information available on the bank's website dated July 2011, the shareholders of Credit-Standard OJSCB is Transkapital LLC (Russia) - 80 percent, Total Development LLC (Uzbekistan) - 12.17 percent, individuals (citizens of Uzbekistan ) - 7.83 percent.