Tashkent, Uzbekistan, March 18
By Demir Azizov- Trend:
Uzbek Savdogar Bank, part of the medium group of banks in the country, will increase its authorised capital by 19 percent up to 50 billion soums until late 2014, the bank told Trend on March 18.
The bank will issue additional shares worth eight billion soums for only 80 million ordinary shares with a par value of 100 soums each, according to a shareholders decision.
The bank's authorised capital has been formed at 42 billion soums and consists of 418.5 million ordinary shares and 1.5 million preferred shares worth 100 soums each.
The Savdogar Bank was established by a government decree in 1994 to serve Uzbekistan's trade and commercial enterprises. 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 a 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.
Uzbek Savdogar Bank increased its assets in 2013 by 38.3 percent up to 374.86 billion soum in 2012 compared to 2012.
The bank's loan portfolio last year grew by 64.3 percent, up to 261.55 billion soum and liabilities by 41.4 percent up to 326.7 billion soum.
Savdogar's total capital of increased by 18.4 percent amounting to 48.16 billion soums.
As of 2013, Savdogar Bank earned 11.3 billion soums of net profit compared to 8.218 billion soums in the previous year, a 37.5 percent increase.
At present, Swiss Astrata AG holding 25.82 percent, All Americas International, INC. (20.15 percent) and Khorezm Shakar JSC (Khorezm Sugar Plant) at 23.1 percent are the largest shareholders of the bank.
The official exchange rate is 2.250.36 soums/$1 on March 18.
Translated by NH
Edited by SM