Uzbekistan’s Asia Alliance Bank to increase its authorized capital by 1.2 times
Uzbekistan, Tashkent, Sept. 20 / Trend D. Azizov /
The Uzbek open joint stock commercial Asia Alliance Bank will increase its authorized capital by 23.6 percent - to 62.8 billion soums following the additional issue to the amount of 12 billion soums, the bank told Trend on Thursday.
According to the source, the decision about increasing the authorized capital was made at the annual meeting of shareholders. Currently, the Center for Coordination and Control over the Securities Market under the State Competition Committee registered the issue prospectus of the bank's shares - a total of 48 million ordinary shares of 250 soums each.
The securities are planned to be placed through public subscription through the branches of the bank.
Asia Alliance Bank was established in 2009 as a private open joint stock commercial bank. It was transformed into an open joint stock commercial bank in December 2011. It is one of the fastest growing banks in Uzbekistan.
According to the bank, Asia Alliance Bank's assets increased more than two-fold to 879 billion soums in January - March 2013 compared to the same period of the previous year. The income-bearing assets amounted to 64 percent of the total volume. The loan portfolio amounted to 121 billion soums or 2 times more than in the same period of 2012.
As of April 1, 2013, Asia Alliance Bank's equity reached 69.4 billion soums (a 79 percent increase) with the authorized capital of 50.8 billion soums.
The bank has four branches, including one in the administrative center of Kashkadarya region - the city of Karshi.
The correspondent relations have been established with Russian Alfa-Bank, Asia-Invest bank, PSBANK, Russian Land Bank, German Commerzbank AG, Landesbank Baden-Wurttemberg, Development Bank of Singapore.
There are 29 commercial banks, including three state, four - with foreign capital, 13 - joint stock and nine private in the Uzbek banking system.
The total assets of Uzbek banks increased by 30.2 percent to 35.7 trillion soums in 2012 compared to 2011, the total loan portfolio - by 30.5 percent to 20.4 trillion soums, the aggregate bank capital - 24.3 percent - up to 6.2 trillion soums.
The official exchange rate is 2.140.95 soums/$1 on Sept. 20.