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Uzbekistan operates 12th private bank

Business Materials 21 January 2010 17:13 (UTC +04:00)

Uzbekistan, Tashkent, Jan. 21 / Trend D.Azizov /

The Central Bank of Uzbekistan issued a license for a new private Hi-Tech Bank, the Central Bank reported  

The new bank opened in Tashkent in the form of Joint Stock Company.

The bank's authorized capital is about 5.25 billion sum. Individuals hold 51 percent stake in the bank's authorized capital.

The bank will provide financial services of small and medium business.

In accordance with the Uzbek legislation, a bank with authorized capital formed by 50 percent by individuals' funds is considered private. The individuals' funds, aimed at establishing a statutory capital, are not subjected to the declaration.

The minimum authorized capital of private banks is 2.5 million euro

Some 31 commercial and 12 private banks are operating in Uzbekistan. As of January- September 2009, total owned capital increased by 18.1 percent to 2.484 trillion sums, where share of private banks is about 10 percent

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