BAKU, Azerbaijan, July 31
By Ilkin Seyfaddini - Trend:
Foreign Kito Investments Ltd (registered in Singapore) sold 18.6 percent of Savdogarbank (Uzbekistan) to Uzbek businessmanJahongir Usmanov, Trend reports citing the Toshkent Republican Stock Exchange.
As a result, Usmanov became the owner of 30 percent of Savdogarbank, the message said.
Kito Investments Pte.Ltd sold 18.6 percent of bank shares for 12.1 billion soum ($1.1 million), on July 28, 2020.
Savdogarbank was founded in 1994. In 2005, German R&D Express-Aussenhandels bought 40 percent of the bank's shares. Also among the foreign shareholders is All Americas International Inc. (US) and Astrata AG (Switzerland).
At the end of the first quarter of 2020, total assets of the bank increased by 57.3 percent and reached 1.1 trillion soums ($107.5 million).
The bank now has 22 branches, 74 points and 16 mini-banks. The bank also has a subsidiary insurance company Garant Insurance Group.
Follow author on Twitter: @seyfaddini