Uzbek Agrobank to chair APRACA

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

The Uzbek Agrobank joint stock commercial bank will chair the Asia-Pacific Rural and Agricultural Credit Association (APRACA) in 2010-2011, the Uzbek Banks association reported.

The decision on transition of the presidency in the APRACE to Agrobank was adopted at the 17th session of the General Assembly and the 58th session of APRACE Executive Committee, which took place in Tashkent this week. Agrobank Board Chairman Abdurakhmat Boymuratov will be the APRACA chairman.

The APRACA was founded Oct.14, 1977. The organization brings together about 60 members, including the banking and financial institutions, government agencies, professional associations and research institutes from 23 countries worldwide. The organization's main mission is to enhance cooperation in the field of agricultural financing, as well as to exchange experiences and knowledge among members of the association in the agricultural sector lending. Agrobank became member of APRACE in 1997.

Agrobank was reformed in March, 2009, under the Uzbek president's decree on the basis of Pakhtabank, which was focused on lending cotton field. The bank's statutory capital was announced in the amount of 100 billion sums with the government's aggregate share in the person of the Finance Ministry and the Fund for Reconstruction and Development amounting to 59 percent.

Agrobank's major tasks specify lending and complex bank service to farmer economies, which produce agriculture products, including enterprises of cotton refining and grain refining industries, enterprises for refining, storage, transportation and realization of cotton and grain products.

The bank is an assignee of Pakhtabank on property, financial and other liabilities, and requirements guaranteeing safety and opportunities for returning money to legal entities and individuals. Agrobank has 715 mini-banks and 171 special cash desks, and branches throughout the country. The bank's clients include over 220,000 legal entities and approximately 300,000 individuals.

The bank's assets on IFRS rose by 43.4 percent to 1.353 trillion sums, including loans and payments in advance to clients by 32.9 percent to 1.033 trillion sums, funds at the Central Bank by 1.8 times to 217 billion sums, funds for receiving from other banks by 1.7 times to 33.8 billion sums in 2009. The bank's liabilities rose by 45 percent last year to 1.205 trillion sums, including clients' deposits by 1.5 times to 845.99 billion sums.

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