Uzbek bank ups authorized capital

Business Materials 2 June 2010 17:57 (UTC +04:00)

Uzbekistan, Tashkent, June 2 / Trend D.Azizov /

The Uzbek Industry and Construction Bank (Uzpromstroybank), the one of the largest commercial banks of Uzbekistan, increased its share capital by 7.3 percent - up to 118 billion soums, the bank reported.

The bank increased its capital in accordance with the decision of the extraordinary shareholders meeting Dec. 28, 2009, through the deployment of retained earnings of previous years, amounting to eight billion soums to increase the value of shares.

Based on the decision, the nominal value of bank's each shares was increased by 160 sums - up to 2,360 soums. In mid-May Uzpromstroybank undertook emission of securities in the amount of 118 billion soums for the conversion of shares in accordance with the new denomination.

In line with the emission, the bank issued 50 million shares, of which 48 million were ordinary shares and 2 million preferential shares. The par value of shares was 2,360 soums.

Uzpromstroybank is the oldest bank in Uzbekistan was created in 1922 and re-registered in 1991. The main activity is crediting of enterprises of the industry's strategic branches. The bank has 45 branches, 176 savings banks, 65 mini-banks located in all regions of the republic and a representative office in Moscow.

The bank's shares are owned by 35,062 shareholders, including 31,500 physical persons and 3,562 legal entities. The biggest shareholders are the Uzbek Finance Ministry (35 percent equity) and the Reconstruction and Development Fund (26 percent).

As previously reported, the bank increased assets calculated on National Accounting Standards (NAS) by 11.8 percent up to 1,588 trillion soums in 2009 compared to  2008, loan portfolio - by 19.1 percent - to 1.256 trillion soums , volume of liabilities - by 11,8 percent to 1.416 trillion sum and net profit declined by half - to 10.2 billion soums.

Uzpromstroybank's own capital increased by 13.6 percent in 2009 and amounted to 172.5 billion soums Jan.1, 2010. The share capital amounted to 110 billion soums (increased by 3 times). The growth of the share capital was secured by placement of 65.4 billion soums and the increase in value of shares from 2,000 to 2,200 soums by directing part of the profit for the year 2008.

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