Standard&Poor's increases three Uzbek banks’ rating

Business Materials 21 December 2011 18:56 (UTC +04:00)

Uzbekistan, Tashkent, Dec. 21 / Trend D.Azizov /

As a result of using the new methodology for assigning ratings to the banks, the international rating agency Standard & Poor's increased long-term rating to the National Bank for Foreign Economic Affairs of the Uzbek Republic and "Uzpromstroybank" from "B" to "B +" with a positive outlook, the agency said today.

The short-term ratings of the banks were maintained at the "B" level.
International rating agency Standard & Poor's confirmed a new long-term and short-term credit ratings В/В with Stable forecast for the National Bank of Uzbekistan in late 2010.
The same rating was assigned to "Uzpromstroybank" in August 2009.

The newly assigned ratings reflect adequate business position, an adequate position on risk, the experts of the agency said.

Standard & Poor's increased the long-term rating of "Kapitalbank" from "B-" to "B" and affirmed the short-term rating "C" with "positive" outlook.

The National Bank is one of the largest bank in Uzbekistan's banking system.
It was created in September 1991 as an agent of the government in international financial markets. At present, it acts as a universal commercial bank.

The bank has 100 branches and offices, a subsidiary bank "AsiaInvestBank" in Moscow. The customers of the bank are 2.5 million physical and legal entities. The correspondent relations were established with 650 foreign banks.

In 2010, the consolidated balance of the bank doubled - up 9.314 trillion soums, credit portfolio - nearly 1.6 times to 3.672 trillion soums.
Uzpromstroybank is the oldest bank in Uzbekistan. It was established in 1922 and re-registered in 1991. The bank has 45 branches, 176 savings banks, 65 mini-banks located in all regions of the country and the office in Moscow.

As of 2010, the bank's assets amounted to 1.999 trillion soums, credit portfolio - 1.433 trillion soums, own capital - up to 214.94 billion soums given the authorized capital of 123.75 billion soums.

The largest shareholders are the Uzbek Finance Ministry and the Reconstruction and Development Fund.

The official exchange rate is 1.791.38 soums per $1.