Trust Bank of Uzbekistan begins share placement of 4 billion soum

Business Materials 4 December 2012 19:40 (UTC +04:00)

Uzbekistan, Tashkent, Dec. 3 /Trend D.Azizov/

Private open joint stock bank Trust Bank of Uzbekistan issued an additional shares with the value of 4 billion soum, planning to increase its registered capital by 23.5 percent, the bank said.

Some 4 million ordinary shares at par value of one thousand soum each have been issued within the prospectus. Shares of the issue will be placed by public subscription, and the bank's shareholders will have preferential right to acquire the shares.

As it was reported earlier, the shareholders of the Trust bank of Uzbekistan approved the maximum amount of authorized shares in the amount of five billion soums to increase its authorized capital by 26.7 percent to 23.7 billion soums.

The bank said the next issue will be placed after the placement of additional issue of shares for 4 billion soum. Its volume will be defined later.

Trust bank, which is mainly a financial service provider to companies listed on the stock market or in and wholesale trade, was established in 1994 and converted into a private bank in 2006.

The bank includes six branches, 16 mini banks, 22 money transfer points, 14 exchange offices and 15 savings banks. Correspondent relationships are established with 15 banks, including ten foreign entities.

The authorized capital of Trust Bank is 17 billion soum, divided into 17 million shares at par value of one thousand soums, including 16.977 million common and 23,000 preferred shares.

Assets of the bank grew by 20.4 percent in 2011, compared to the totals in 2010 - up to 462.837 billion soums.

The bank's loan portfolio grew by 57.1 percent, up to 125.514 billion soums, while the liabilities grew by 18.6 percent to 413.837 billion soums.

Equity capital increased by 38.1 percent and totaled at the end of 2011 49.688 billion soums.

As of 2011, the bank received a net profit of 17.784 billion soums compared to 12.488 billion soums in 2010 (an increase of 42.4 per cent).

As previously reported, according to the established procedure in Uzbekistan, private banks in Uzbekistan are those banks authorized capital of which are by not less than 50 percent of funds are formed from individuals' funds.

The banking system of Uzbekistan is currently represented by 30 banks, including three state, five holding foreign capital, 12 joint-stock and 10 private.