Uzbek People’s Bank eyes to increase capital
Tashkent, Uzbekistan, Oct. 5
By Demir Azizov– Trend:
The Joint-Stock Commercial People's Bank of Uzbekistan plans to increase its authorized capital by 21.4 percent, to 318 billion soums from 262 billion soums through issuing additional emission in the amount of 54 billion soums, the department of the bank's securities told Trend.
A representative of the bank said that the Center for Coordination and Development of Securities Market of Uzbekistan registered the issue prospectus September 29.
The bank plans to place 54 million ordinary shares with par value of 1,000 soums each.
It was previously reported that in March 2015, Uzbekistan’s late President Islam Karimov by a special decree approved a phased increase of the authorized capital of the People's Bank for 2015-2017 by 1.9 times, from 200 billion soums to 385 billion soums.
The profit of the bank, the funds obtained as a result of tax breaks for the formation of the share of the Ministry of Finance, some profit of the Central Bank to be transferred to the state budget and own funds of the Central Bank have been determined as the sources of additional funds for the formation of the authorized capital of the bank.
The Uzbek People's Bank was established in 1995 on the basis of the Uzbek Republican Savings Bank.
The bank is one of the largest ones in the Uzbek banking system. Its structure includes 14 territorial, 184 regional and city branches, 240 mini-banks and more than 3,500 branches and savings banks.
The founders of the bank are the Uzbek Ministry of Finance and the Central Bank, owning 51 and 49 percent shares, respectively.