Net profit of RBS NB Uzbekistan decreased by 14 per cent in 2011

Uzbekistan, Tashkent, May 10 /Trend D.Azizov/

The net profit of the Royal Bank of Scotland NB Uzbekistan (RBS NB Uzbekistan), the largest joint bank in Uzbekistan, calculated by the International Accounting Standards (IAS) in 2011 declined by 14 per cent compared to 2010, to 4.49 billion soum, the bank said on Thursday.

According to the audited balance sheet, the bank's assets decreased by 0.7 per cent in 2011, up to 539.1 billion soum, including funds from other banks increased by 3.4 per cent up to 529.6 billion soum.

Liabilities of RBS NB Uzbekistan decreased by 1.7 per cent last year to 498.04 billion soum, whilst equity increased by 12.3 per cent to 41.04 billion soum.

As previously reported, in October 2007 a consortium of banks RBS, Fortis and Santander acquired Dutch bank ABN AMRO for $114, including the assets of ABN AMRO in ABN Amro Bank NB Uzbekistan A.O, the largest by assets in the joint bank of Uzbekistan. The bank was renamed as RBS NB Uzbekistan in November 2008.

Korea Development Bank (KDB) signed an agreement with RBS in December 2010 to acquire an 82.35 per cent stake in RBS NB Uzbekistan. The cost of the purchased package was not announced.

According to KDB, a South Korean bank has paid an amount approximately equal to the residual value of fixed capital of RBS Uz. The joining of KDB in the register of shareholders was approved at an extraordinary general meeting of RBS NB Uzbekistan in November of 2011.

The authorised capital of the bank established in 199, is now formed at a rate of $8.5 million. KDB acquired 82.35 per cent of shares and the National Bank of Uzbekistan holds 17.6 per cent stake in the bank.

More than 500 corporate customers are clients of the bank, most of whom are the international companies that trade with Uzbekistan.

Earlier a KDB representative said it is planned to complete the merger of two cooperative banks - RBS NB Uzbekistan and the Uzbek-Korean bank UzKDBbank, in which KDB owns 61 per cent of the shares before the end of 2012.

The largest foreign bank in Uzbekistan is expected to be created due to the merger.

In accordance with the agreement of the parties of the transaction, RBS NB Uzbekistan will work regardless of UzKDBbank prior to the merger. The name of the bank will be saved for the period of the agreement on its trademark until the end of 2012.

The banking system of Uzbekistan today is represented by 30 banks, five of which are created with the participation of foreign capital.

Official exchange rate on May 10 is 1862.03 soum / $1

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