Uzbek bank ups share capital by 4.9 percent

Uzbekistan, Tashkent, Aug. 26 / Trend D.Azizov /

The Uzbek Industry and Construction Bank (Uzpromstroybank), the one of the largest commercial banks of Uzbekistan, increased its registered capital by 4.9 percent - up to 123.75 billion sums, the bank reported.

The bank's shareholders' annual general meeting held June 4, 2010, decided to direct  5.75 billion soums to increase the value of shares. As a result, the bank increased its registered capital.

Based on the shareholders' decision, the nominal value of each share of the bank was raised by 115 soums - up to 2,475 soums.

The bank clarified that the current issue of securities in the amount of 123.75 billion soums made for the conversion of shares in accordance with the new denomination.

The bank issued 50 million shares with a nominal value of 2,475 soums, including 48 million common and 2 million preferred shares.

In accordance with the prospectus, the old bank shares with a nominal value of 2,360 soums are replaced by shares with a nominal value of 2, 475 soums and distributed to the shareholders in accordance with their shares in the share capital.

As previously reported, the bank increased its share capital by 7.3 percent - up to 118 billion soums, the bank reported. 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.

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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