Uzbekistan, Tashkent, Sept. 10 / Trend D.Azizov /
The investment committee of the Asian Development Bank (ADB) has approved investment in the authorised capital of the Ipak Yuli Open Joint Stock Innovation Commercial Bank, the bank said today. Ipak Yuli Bank was created in 1990.
Approval by the investment committee is a preliminary stage on entry into the bank's authorised capital, the ADB Tashkent Office told Trend. Currently, representatives of ADB, the Central Bank of the Republic and the Ipak Yuli bank have discussed the final parameters and conditions of the deal. It is expected that the ADB board may approve a project for accession to the shareholders of the Ipak Yuli bank towards the end of the year.
It was previously reported that the ADB is considering purchasing a stake of up to 20 per cent of the share capital in the bank at the expense of the purchase of additional issue. Total investment for the purchase of shares will be $8-$10 million. The deal will be the first ADB investment in its authorised capital of a commercial bank in Central Asia.
In 2011 the bank increased its assets calculated according to national accounting standards, by 21.6 per cent compared to the same period of 2010 - up to 640.9 billion soums, credit portfolio - by 49.9 per cent, to 268 billion soums. Bank liabilities increased in 2011 by 21 per cent - up to 581.2 billion soums and equity capital - by 26.9 per cent to 59.7 billion soums taking into account authorised capital of 36.5 billion soums.
The bank's shares are owned by about 1000 shareholders including legal entities and individuals, the largest of which is the National Export-Import Insurance Company Uzbekinvest (about 18 per cent).
The bank has a branched structure of mini-banks, express centres and 10 branches in Tashkent, and several regions of the country. Correspondent relations have been established with the German Commerzbank AG and Deutsche Bank AG as well as the Austrian Raiffeisen Zentralbank