Uzbek bank to increase capital by 2.1 per cent

Business Materials 12 December 2011 14:23 (UTC +04:00)

Uzbekistan, Tashkent, Dec. 12 / Trend D. Azizov /

The joint-stock commercial Microcredit bank will increase its registered capital by 2.1 per cent - up to 156.75 billion soums, by increasing the nominal value of each share from 1.023.96 soums to 1,045 soums, the bank's leaders told Trend today.

According to a shareholders' decision, about 3.156 billion soums of undistributed profit for 2010 will be allocated to increase the share capital. The bank will issue 149.865 million shares and 135,000 ordinary shares of preferred shares worth 1,045 soums totalling 156.75 billion soums in the near future.

The shares will be distributed by private subscription among the bank shareholders in accordance with their shares in authorised capital, by replacing the old ones with a nominal value of 1.023.96 soums, for new shares with a nominal price worth 1,045 soums. The largest shareholders are the Ministry of Finance and the Central Bank.

Microcreditbank was created by a presidential decree in May 2006 on the basis of joint-stock commercial bank Tadbirkor (Entrepreneur), to deliver a broad range of banking and consulting services to small enterprises, private entrepreneurs, and farmers.
The bank has 82 branches and 284 mini-banks with a client base extending to more than 173,000 physical and legal bodies. It is also a member of the Association of Banks of Asia and a member of the Microfinance Centre for Europe and the CIS.

In 2010 the bank's assets increased by 15.6 per cent - up to 412 billion soums. The loan portfolio increased by 13 per cent - up to 320.7 billion soums. The total capital increased by 2.9 per cent - up to 166.2 billion soums.

The official exchange rate is 1,783.85 soums per $1.