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Uzbek commercial bank eyes to hold IPO in 2019 (Exclusive)

Business Materials 16 July 2018 18:58 (UTC +04:00)

Baku, Azerbaijan, July 16

By Fikret Dolukhanov – Trend:

Uzbek Orient Finance private joint-stock commercial bank (PJSCB) is interested in holding an initial public offering (IPO), Deputy Chairman of the bank’s Board Ilham Tursunov told Trend.

He said that the work is already underway in this direction.

Tursunov also reminded that in March 2018, Orient Finance issued and placed additional shares for a total of 232.1 billion soums.

“As a result, the charter capital of the bank was brought to 402.6 billion soums,” he said. “The shareholders of Orient Finance are interested in further capitalization. So, in 2019 we plan to issue new shares in order to increase our charter capital.”

Earlier, Tursunov told Trend that Uzbek Orient Finance PJSCB plans to introduce the 3-D Secure VISA service in the second half of 2018.

He added that in 2017-2021, it is planned to implement various projects, in particular, to sign co-branding contracts with major retail companies.

“The VISA E-commerce system will be introduced in the bank by 2020,” said Tursunov. “With the help of E-commerce, companies can easily accept payment cards on their website, and their customers can purchase a variety of goods and services by payment cards in any place with online access.”

In addition, the work is underway to introduce online lending, microloans, application of loyalty systems and other banking services, he said.

On June 13, 2018, the international rating agency S&P Global Ratings confirmed the long-term and short-term credit ratings of the issuer of the Uzbek Orient Finance PJSCB at the level of “B-/B” with the “stable” forecast.

(7,787.81 soums = 1 USD on July 16)

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