Uzbekistan, Tashkent, April 2 / Trend D. Azizov /
The Uzbek joint-stock commercial Microcreditbank will increase its authorised capital by 25 per cent to 200.2 billion soums, the bank told Trend today referring to the presidential relevant decree signed in late March.
The bank said that according to the decree on 'Additional measures on increasing the capitalisation of open joint-stock commercial Microcreditbank', the share capital growth will be ensured through an additional issue of shares worth 40.2 billion soums.
It is planned to issue more than 37.45 million ordinary shares with a nominal value of 1068 soums each within the additional issue.
It is planned to place the securities by a public offering process, as well as through the Republican Stock Exchange Toshkent amongst an unlimited number of investors.
Microcreditbank was created by a presidential decree in May 2006 on the basis of the joint stock commercial bank Tadbirkor (entrepreneur), to deliver a broad range of banking and consulting services to small enterprises, private entrepreneurs and farmers.
The interest rate on the subsidised micro-credit issued by the bank to start businesses for up to 18 months to the amount of a 200-fold amount of the minimum wage is set at three per cent per annum for favourable micro-leasing and for up to three years of a 2000-fold amount of the minimum wage.
The bank has 82 branches and 284 mini-banks with a client base extending to more than 173,000 individual and legal entities.
Microcreditbank's aggregate capital amounted to 176 billion as of early 2013 taking into account the authorised capital of the bank to the amount of 160.2 billion soums.
The assets of the Uzbek joint-stock commercial Microcreditbank, calculated on National Accounting Standards, increased by 19 per cent to 589 billion soums in 2012.
The bank's largest shareholders are the Finance Ministry and the Central Bank. Their total share in authorised capital of the bank is 80 per cent.
Microcreditbank is a member of the Association of Banks of Asia and a member of the Microfinance Centre for Europe and the CIS.
The official exchange rate on April 2 is 2.044.27 soums to $1.