ADB may join two Uzbek banks' shareholders

Business Materials 22 September 2011 16:36

Uzbekistan, Tashkent, Sept. 22 / Trend D. Azizov /

The Asian Development Bank (ADB) plans to join the shareholders of two Uzbek commercial banks - "Hamkorbank" and "Ipak Yuli" by late 2011, the ADB's office told Trend on Thursday.

The ADB's office said that this project is the second microfinance project, implemented by the ADB in Uzbekistan. The ADB provided a loan worth $20 million to support credit unions within the first project in 2002.

"Hamkorbank" was established in 1991. The bank's head office is located in Andijan. The bank has a representative office in Tashkent, 26 branches and 126 mini-banks.

The bank actively cooperates with international financial organizations, such as the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).

The official exchange rate is 1.744.25 soums per $1.