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Uzbek-German bank saw one-third increase of its assets in 2009

Business Materials 4 March 2010 18:21 (UTC +04:00)

Uzbekistan, Tashkent, March.04 / Trend D.Azizov /

In 2009, Savdogar, an Uzbek-German bank, increased its assets by 31.6 percent against 2008 up to 163.004 billion soms, the bank reported. Last year, the bank's credit portfolio increased by 1.57 times up to 103.56 billion soms, liabilities increased by 30.4 percent up to 148.81 billion soms, and shareholder's capital increased by 1.45 times up to 14.198 billion soms.

In 2009, the bank's net profit was equivalent to 2.872 billion soms, an increase of 14.8 percent against the previous year.

Joint-stock profit bank Savdogar joins the group of middle-sized banks of Uzbekistan. It was founded in line with instruction by the Government in 1994 to serve trade and commerce facilities in Uzbekistan. According to the Government's decision, in 1998 the bank was merged with joint-stock profit bank Legprombank serving light industry enterprises, and in 2000 with Mevasabavotbank specialized in issuing of credits to facilities specialized in refining of fruit and vegetable produces.  

In April 2006, Germany's R&D Express-Aussenhandels GmbH acquired 40 percent of the bank's stock in the value of $2 million. In July 2006, in accordance with a Special Decree by President of Uzbekistan Islam Karimov, joint-stock profit bank Savdogar specialized in the provision of assistance to trade and commerce was transformed into Uzbek-German joint-stock profit bank Savdogar. 

Currently, the bank's statutory capital of 12 billion soms is divided into 1,200 ordinary shares each having the nominal value of 10 million soms. The bank currently has around 200 stockholders.

In 2009, as a result of supplementary issue, the bank placed 4 billion soms on close subscription. Following the results of the placement, the bank's biggest stockholders are open joint-stock company Khorezm Sakar (the Khorezm Sugar Plant) -30.1 percent, R&D Express-Aussenhandels GmbH - 25.6 percent, Ilk Plyus, an Uzbek investment company -11.2 percent, joint venture Sakar Investment and open joint-stock company Samarkand Tea-Packaging Factory (each hold 10.4 percent). 

The bank has 50 branch offices and 34 mini-banks, is specialized in the credit and finance servicing of more than 2,200 clients, and has established correspondent relations with banks in the CIS and far abroad countries.

Uzbekistan's banking system currently consists of 31 banks, of which 5 were established with the foreign capital.

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