Moody's affirms Uzbek Alokabank’s rating of B2/B1/E +

Moody's affirms Uzbek Alokabank’s rating of B2/B1/E +

Uzbekistan, Tashkent, April 28 / Trend, D. Azizov /

Moody's international rating agency has confirmed the long-term rating of the foreign currency deposits at the "B2" level, the long-term rating of national currency deposits as "B1" and the financial strength rating of Uzbek "Alokabank" at "E +", the agency said today.

All ratings have been complimented with a "stable" forecast.

It was previously reported that Moody's upgraded the long-term rating of the bank in foreign currency from "B3" to "B2" in December of 2009, affirmed the rating on deposits in national currency at "B1" and financial strength rating at E + with a stable outlook on all ratings.
All ratings were confirmed by the agency with a forecast of "Stable" in April 2011.

According to Moody's, current confirmation of the bank's ratings has been stipulated by the results of the bank's activity in 2012.

According to the agency, Alokabank has stable financial indices, good asset quality and a historically good level of capitalization.

Alokabank was created in 1995 on the Cabinet of Ministers' order. It is among Uzbekistan's list of medium-sized banks. The bank mainly gives loans to the enterprises in telecommunications.

The enterprises and organizations of the Uzbek Agency for Communication and Information (UzACI) transformed into the State Committee for Communication, Information and Telecommunication Technologies in October last year became its founders.

The shares of the credit organization have been divided between more than 3,000 shareholders. The largest shareholders are the ICT Development Foundation and the Center for Electromagnetic Compatibility, part of the State Committee of Communication, Information and Telecommunication Technologies, owning 19.99% of the securities each, and the Tashkent University of Information Technologies - 14.71%.

The bank includes 12 branches in all regions of the country, 27 mini-banks, 38 savings banks, 35 exchange points, 18 international money transfer points.

In 2012, the bank increased its assets, calculated upon the National Accounting Standards by 29% up to 629 billion soums in 2012 compared to 2011, own capital - by 32 percent to 105.3 billion soums given the formed authorized capital worth 60 billion soums.

The official exchange rate is 1.993.53 soums/$1.

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