ABN Amro Bank-Uzbekistan Renamed into Royal Bank of Scotland Uzbekistan MB

Business Materials 25 November 2008 12:20 (UTC +04:00)

Uzbekistan, Tashkent, 25 November / corr. Trend T.Jukov/ The biggest bank with foreign capital, acting in Uzbekistan АBN АMRO Bank NB Uzbekistan J.S. has been renamed, Trend correspondent in Tashkent reports.

The president of Uzbekistan Islam Karimov approved the regulation regarding renaming of the bank, committee on foreign relations of the Association of Bank of Uzbekistan told Trend .

The joint-stock bank АBN АMRO Bank NB Uzbekistan J.S. was renamed into Closed Joint-Stock Royal Bank of Scotland Uzbekiston MB. Central bank was recommended to assist Royal Bank of Scotland Uzbekistan MB in its re-registration. Previously, the regulation on renaming was approved by the general meeting of the bank's shareholders.

The decision to rename the bank was made in connection with purchase of the Dutch bank ABN AMRO (one of the founders of Uzbek-Dutch joint bank) by consortium of RBS, Fortis and Santander banks. This October the Dutch government bought assets of ABN AMRO, which belonged to Fortis.

АBN АMRO Bank NB Uzbekistan J.S. was founded in November 1996. The authorized capital was formed in the way as follows: ABN AMRO Bank ( Netherlands) - 50 percent, the National bank of foreign economic activities of Uzbekistan - 30 percent, the International financial corporation and European bank of reconstruction and development - 10 percent.

At the agreement of sides, the bank was under personal administration of ABN AMRO Bank. Such decision was made taking into account wide experience and opportunities of maternal bank with two-century old history.

In future the bank will give preference to those companies which have been set up with participation of foreign capital, holding a potential of further development and are able to operate with the big amounts of sale, the Uzbek-Dutch bank said.

The correspondent can be contacted at capital