Uzbek-German bank to increase authorised capital by 25 per cent
Uzbekistan, Tashkent, Dec. 13 / Trend D. Azizov /
The Uzbek-German Open Joint-Stock Commercial Bank Savdogar registered an additional issue of shares amounting to 6 billion soums to increase its authorised capital by 25 per cent to 30 billion soums, the bank said today. The bank issued 60 million ordinary shares at a nominal value worth 100 soums each.
According to the terms of issue, the shares will be placed by public subscription. No less than 25 per cent will be placed through the Republican Stock Exchange Tashkent.
Savdogar refers to a group of medium sized banks in Uzbekistan. It was created by the governmental decree in 1994 to serve trade enterprises. According to the government's decision, the joint-stock commercial Legprombank serving light industrial enterprises joined it in 1998 and Mevasabzavotbank, specialising in lending fruit and vegetable processing companies in 2000.
In April 2006, German R & D Express-Aussenhandels GmbH acquired a 40 per cent stake in the bank for $2 million.
As of January - September 2011, the bank's assets increased by 14.9 per cent - up to 220.3 billion soums, including the loan portfolio increased by 14.4 per cent - up to 137.85 billion soums, the bank's equity capital increased by 81.1 per cent - to 32.1 billion soums.
At present, the bank's charter capital was formed to the sum of 24 billion soums and divided into 240 million shares at 100 soums each.
The largest shareholders are Khorezm Shakar (Khorezm sugar factory) - 30.1 per cent, R & D Express-Aussenhandels GmbH (25,6 per cent), Uzbek investment company Ilk plyus (11,2 per cent), and Sakar Investment JV and Samarkand tea-packing factory - 10.4 per cent.
The bank has 50 branches and 34 mini-banks. It renders financial services to more than 2200 customers and maintains correspondent relations with the CIS and foreign banks.
At present, the Uzbek banking system is represented by 31 banks, five of which were established with the foreign capital.
The official exchange rate is 1.787.54 soums per $1.