Private commercial bank of Uzbekistan plans to increase assets (Exclusive)
Baku, Azerbaijan, July 17
By Fikret Dolukhanov - Trend:
Uzbekistan’s "Orient Finance" private joint-stock commercial bank (PJSCB) intends to increase its assets to 4,278 trillion soums (about $ 550 million) by 2022, Deputy Chairman of the Board of Orient Finance PJSCB Ilham Tursunov told Trend.
Tursunov noted that, Orient Finance bank has developed a plan for the main directions of strategic development in the coming years.
"The bank's assets are expected to increase by 2.5 times by January 1, 2022 compared to the figure as of January 1, 2017 (1,711 trillion soums) according to this plan. It is also expected that the loan portfolio of the bank will increase further, with its share in the assets to be maintained in the amount of at least 40 percent," the deputy chairman of the board of the bank said.
Tursunov added that, the bank's loan portfolio is planned to increase to 2.4 trillion soums (about $308 million) by January 1, 2019.
The bank's assets amounted to 3.821 trillion soums (11.8 percent of the total volume of assets of all private banks), and its liabilities – to 2.176 trillion soums (14.62 percent of total liabilities of all private banks) as of June 1, 2018. Orient Finance is the fourth largest private bank in Uzbekistan for this indicator.
Tursunov also told Trend that, the "Orient Finance" PJSCB is interested in the initial public offering (IPO), noting that work in this direction is already underway.
Tursunov reminded that, Orient Finance issued and fully placed additional shares totaling 232.1 billion soums in March 2018.
"As a result, the authorized capital of the bank was brought to 402.6 billion soums. The shareholders of Orient Finance are interested in further capitalization at the present moment. Accordingly, we plan to issue new shares in 2019 in order to increase our authorized capital," the deputy chairman said.
Earlier it was reported that the S&P Global Ratings international rating agency confirmed the long-term and short-term credit ratings of the issuer "Orient Finance" PJSCB at the level of "B- /B" with the "stable" outlook.
Orient Finance bank was established in June 2010 in Tashkent. The bank's priority area of activity is financial support for small and private business projects. The share of individuals in the authorized capital of the bank is 80 percent.
The official exchange rate on July 17 is 7787.81 UZS/USD.
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