Savdogar bank's assets increase by over a quarter in Uzbekistan

Business Materials 29 March 2013 18:05 (UTC +04:00)

Uzbekistan, Tashkent, 29 March / Trend, D. Azizov /

Uzbek bank Savdogar, included in the group of medium banks of the country, increased its assets by 26.3 percent up to 270.7 billion soum in 2012 compared to last year, the bank's management told Trend.

According to the report, the bank's loan portfolio last year grew by 18.2 percent - up to 159.7 billion soum, the liabilities - by 35.9 percent (up to 231 billion soum), the total capital - by 25.5 percent (up to 40 billion soum).

As previously reported, in early September of last year, Savdogar began placement of additional shares at a volume of 12 billion soum, planning to increase the share capital by 1.5 times - up to 36 billion soum.

The authorized capital of the bank is fully formed in the amount of 24 billion soum, and is divided into 238.5 million common shares and 1.5 million preferred shares at par value of 100 soum each.

The largest shareholders are the Khorezm Shakar JSC (Khorezm Sugar Plant) - 30.1 percent, R&D Express-Aussenhandels GmbH (25.6 percent), Uzbek investment company Ilk plyus (11.2 percent), Sakar Investment and Samarkand tea-packing factory JSC - 10.4 percent each.

The Savdogar Bank was established by government decree in 1994 to serve the enterprises of trade and commerce in Uzbekistan. In April 2006, the German R&D Express-Aussenhandels GmbH acquired a 40 percent stake in the bank worth $2 million. In July of that year, by a special decree of the President of Uzbekistan Islam Karimov, the Savdogar joint-stock commercial bank for facilitating trade and commerce was transformed into the Savdogar Uzbek-German joint-stock commercial bank.

Due to the decline in the share of R&D Express-Aussenhandels Gmb to 25.6 percent, the bank changed its name from the Uzbek-German joint-stock commercial bank to an open joint-stock commercial bank with foreign capital in June 2012.

Savdogarbank has established correspondent relations with Austrian Raiffeisenbank, German Commerzbank and Russian Evrotrastbankom and Russlavbank.

According to the 2012 results, the total number of bank customers including individuals exceeded 176,000.

The official exchange rate on March 29 is 2,039.60 Soum / $ 1.