Uzbek Asaka Bank ups registered capital by 5.2 percent

Business Materials 6 January 2011 12:32 (UTC +04:00)

Uzbekistan, Tashkent, Jan. 6 / Trend D.Azizov /

The Uzbek state joint stock commercial bank Asaka has increased the charter capital by 5.2 percent, equaling 315.6 billion soums, the bank's securities management reported.

The bank clarified that the charter capital was increased due to the direction of the net profit for Jan.-Sept. 2010 to replacing old shares with nominal value of 50,000 soums to new ones with par value of 52,600 soums. The bank said that the difference in nominal value will be paid as part of Asaka Bank's net income for nine months during 2010 amounting to 15.6 billion soums.

Late last year, Asaka Bank issued a new share issue and within the emission, it emitted 6 million shares with par value of 52,600 soums each. Total volume of shares' emission equaled 315.6 billion soums, with the shares placed on closed subscription among shareholders of Asaka Bank on par value.

During the first six months, the bank will decide on further increase of the bank's capital.

Asaka was founded in 1996, mainly involved in lending to the automotive industry.

The bank's main shareholders are the Finance Ministry with 66.65 percent, the Uzbek Reconstruction and Development Fund with 16.67 percent and Uzavtoprom with 16.68 percent.

In 2009, the bank increased its assets by 19.1 percent, equaling 1.791 trillion soum, its loans by 12.9 percent to 860.8 billion soum, and its authorized capital by 83.8 percent to 357.3 billion soum.

The bank has branches in all the country's regions, 107 mini-banks, 892 savings banks and 84 special pay desks to receive utility bills. Correspondent relationships have been established with over 170 banks in the CIS and abroad.

The Uzbek banking system is represented by 32 banks, including three state banks.

The official exchange rate is 1640.55 soums to $1 as per Jan. 6.