Uzbek Central Bank withdraws private bank’s license
Uzbekistan, Tashkent, July 9 / Trend D. Azizov /
The Uzbek Central Bank withdrew private commercial Universalbank's license issued to conduct transactions in foreign currency, the bank said today.
The license was revoked in connection with violating the banking legislation on currency regulation, the report said.
The kind of violation was not specified.
It was previously reported that in late November 2011 the central bank withdrew private commercial Ravnakbank's license issued to conduct foreign exchange operations and private commercial HI-TECH BANK's license in late January this year.
"Universalbank" was established in May 2002 on the basis of private bank "Kokand". The main sphere of the activity is to support small and private businesses, as well as housing in the countryside.
The bank's head office is located in the city of Kokand (Ferghana region). The bank has a branch in Tashkent. The regional private equity fund acquired control over the bank in late 2010. It intends to focus on the development of management processes and control systems.
The bank's assets increased by 1.4 times - up to 47.3 billion soums, the total capital - by 11.1 percent to 15 billion soums as of 2011.
In early June 2012 Fitch Ratings international rating agency affirmed Universalbank's Long-Term Issuer Default Ratings (IDR) in foreign and national currencies at a level CCC assigned in June 2011.
The Uzbek banking system is currently represented by 30 banks, including three state, five - with foreign capital, 12 - joint-stock and 10 - private.
According to the Central Bank, total assets of commercial banks increased in January - March 2012 by 7.6 percent up to 29.54 trillion soums compared to 2011, the aggregate bank capital increased by 5.6 percent - up to 5.632 trillion soums.
The official exchange rate is 1.888.64 soums/$1.