Uzbek bank increases authorised capital by one quarter

Business Materials 18 June 2013 18:11 (UTC +04:00)

Uzbekistan, Tashkent, June 18 / Trend, D. Azizov /

The Uzbek Open Joint Stock Commercial Microcreditbank has changed the issue prospectus registered by the Uzbek center for coordination and control over the securities market in December 2012, a representative of the bank told Trend on Tuesday.

There are plans to issue more than 37.45 million ordinary shares with a nominal value of 1,068 soums, each within the additional issue.

The share capital growth will be ensured through an additional issue of shares worth 40.2 billion soums.

"According to the changes, the shares of this issue will be placed through a closed subscription among shareholders," an interlocutor said.

In particular, the Uzbek Ministry of Finance will acquire 20.131.086 million shares, the Central Bank - 10.18.726 million shares, the National Bank of Foreign Economic Activity - 936,329 shares, Asaka bank - 702,247 shares, Uzpromstroybank - 702,247 shares, Uzbektelecom - 842,696 shares, UzbekInvest National Export-Import Insurance Company - 561,797 shares, Uzbekneftegaz - 1.404.494 million shares, Uzhimprom -468,164 shares, other shareholders - 1.685.398 million shares.

Microcreditbank's authorized capital will be increased by 25 percent - up to 200.2 billion soums as a result of share placement.

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 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.

The bank has 82 branches and 284 mini-banks with a client base extending to more than 173,000 individual and legal entities.

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 is 2.090.70 soums/$1 on June 18.