Uzbek Ipoteka Bank ups authorized capital by 36 percent

Business Materials 5 September 2011 16:51

Uzbekistan, Tashkent, Sept. 5 / Trend D.Azizov /

Uzbekistan's Ipoteka Bank increased its authorized capital by 36 percent to 87.48 billion soums, the bank's leadership told Trend.

The decision to increase the authorized capital was taken at the annual general meeting of shareholders in May. The capital was increased at the expense of increasing each share value by 360 soums to 1,360 soums.

According to shareholders' decision, 23.157 billion soums from old profits was directed at increasing the authorized capital.

Earlier in August, the Center for Coordination and Control registered the issue prospectus worth 87.483 billion soums. The bank issued 62.326 million ordinary and 2 million preference shares with a nominal value of 1,360 soums each.

The securities were placed by private subscription among shareholders by converting shares with a par value of 1,000 soums into stock with a par value of 1,360 soums.

Ipoteka was established in April 2005 through the merger of Uzzhilsberbank and Zamin.
The bank specializes in the lending long-term individual housing construction and financing loans.

The bank has 39 branches, 135 mini-banks, 485 savings banks and 147 exchange offices.
The official exchange rate is 1736.77 soums to $1 on Sept.5.