Uzbek Finance Ministry to increase its stake in Bank of rural construction

Uzbek Finance Ministry to increase its stake in Bank of rural construction

Uzbekistan, Tashkent, 10 January / Trend, D. Azizov /

The Ministry of Finance of Uzbekistan will increase its stake in Qishloq Qurilish Bank (Bank of rural construction) to 59%, the management of the bank informed Trend on Thursday.

The bank said that in accordance with shareholders' decision, the bank will release an additional issue worth 4.587 billion Soums; 42.273 million shares at a par value of 108.5 Soums.

The entire volume of the issue is designated for the Ministry of Finance of Uzbekistan in the account of bank transfers from public funds from the Mortgage Fund liquidated in early 2010.

As previously reported, the decision of the President of Uzbekistan "On measures for the further expansion of resource base for rural housing" liquidated the Mortgage Fund under the Finance Ministry and transferred its assets to Qishloq Qurilish Bank.

Loan liabilities of the Fund in terms of attracted favorable long-term credit were rescheduled to Qishloq Qurilish Bank under contract terms. Public funds in the same fund, in accordance with the document should be channeled to increases in the Finance Ministry's share of the bank's authorized capital.

As reported, in October 2010, the Bank released an additional issue worth 17.347 billion Soums, which was fully transferred to the Finance Ministry. As a result, the share of the Ministry of Finance in the authorized capital of the bank increased from 53% to 58%.

After placement of the planned additional issue of shares, the bank's capital will grow by 2.5% to 185.723 billion Soums, while the Finance Ministry's share in the authorized capital will increase by 59%.

Qishloq Qurilish bank was established in March 2009 by order of the President of Uzbekistan on the premise of Gallabank operating as an open joint stock company.
The bank specializes in lending and banking services to individuals and legal entities in the housing, communal and social spheres and in serving rural communities under the state program for rural development.

The CCB's authorized capital is 181.136 billion Soums. The main shareholders are the Ministry of Finance with 58.1% share and the Fund for Reconstruction and Development of Uzbekistan with a 23.7% share.

The bank has 32 branches, 80 mini-banks, 79 savings banks and 71 exchange office and 17 international money transfer points. Its customer base includes more than 60,000 enterprises and small and medium businesses.

Qishloq Qurilish bank is exempt from taxes on income and property until 2016 with a purposeful channeling of funds to increase the share of the Ministry of Finance in the authorized capital of the bank.

In 2011, assets of the bank audited by international accounting standards (IFRS) increased by 1.7 times compared to 2010 - up to 1.701 trillion Soums, its credit portfolio by 1.8 times, up to 888.186 billion Soums, its liabilities by 76.4% to 1.508 trillion Soums, own funds, by 12.4% to 193.494 billion Soums.

The official exchange rate for January 10 is 1985.55 soum / $ 1.

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