OREANDA-NEWS. January 17, 2011. Central Bank of Uzbekistan issues license to new private commercial bank In 2010 the Central Bank of Uzbekistan issued license to private closed-type joint-stock commercial bank Hi-Tech Bank for carrying out all types of banking operations.

The opening of the new bank with charter capital worth over 5.25 billion soums (51% of stakeholders are individuals) is a vivid example of fulfillment of requirements of the presidential Decree "On measures to stimulate the creation of private joint-stock commercial banks".

Priority directions of Hi-Tech Bank's activity is assisting to deepening of socioeconomic reforms, financing small and private business projects, as well as stimulating the formation of a new class of proprietors in the country.

The bank has been registered in the State Registrar of Commercial Banks. There are 31 commercial banks in Uzbekistan so far.

The list of commercial banks extends

Orient Finans private closed joint-stock commercial bank received General License for conduct of operations in foreign currency by the Resolution of the Board of the Central Bank of Uzbekistan dated 25 December 2010.

The decision was made in accordance with the Decree of the President of Uzbekistan "On measures for stimulation of establishment of private commercial banks" and Rules for issuing licenses for conduct of operations in foreign currency to commercial banks.

CBU issues licenses to new credit unions

In 2010 in accordance with Article 17 of the Law "On the Central Bank of Uzbekistan" and Article 4 of the Law "On credit unions", the board of the Central Bank of Uzbekistan issued licenses to perform the activity of credit organizations to the following legal entities:

- Madat-beminnat CU (Ferghana region, Besharik district) with a charter fund of over 37.7 million soums;

- Navruz-kredit CU (Kashkadarya region, Shahrisabz) with a charter fund of 39 million soums;

- Sardoba CU (Namangan) with a charter fund of 38 million soums;

- Roshid Imkon CU (Ferghana region, Rishtan) with a charter fund of 38 million soums;

- Kafolat CU (Ferghana region, Buvaydiy district) with a charter fund of 37.5 million soums;

- Razzak Abdulla CU ( Khorezm region, Khiva) with a charter fund of 40 million soums.

Number of microfinance market players increases

In 2010 in accordance with Article 17 of the Law "On the Central Bank of Uzbekistan" and Article 9 of the Law "On microcredit organizations", the board of the Central Bank of Uzbekistan issued licenses to perform the activity of microcredit organisation to Zuxra Yulduzi Fayz Mikrokredit Tashkiloti Ltd (Bukhara) with a charter fund of 36 million soums, to Intensive Capital Mikrokredit Tashkiloti Ltd with a charter fund of 15 million soums and to Chirchik Kredit Mikrokredit Tashkiloti Ltd (Tashkent region, Chirchik) with a charter fund of 18 million soums.

Number of pawnshops increases

In 2010 in accordance with Article 50 of the Law "On the Central Bank of Uzbekistan" the Central Bank of Uzbekistan issued license to perform the activity of pawnshops to the following LLCs: "Gold finance kredit" (Tashkent); "Nodirabegim baraka" (Bukhara); "Nodirabegim baraka (Bukhara); "Yom Tov credit" (Tashkent); "Yangiyo'l ishonch kredit" ( Tashkent region, Yangiyol).

KDB acquires 82.35% stake in Royal Bank of Scotland Uzbekistan NB

Korea Development Bank (KDB), a South Korean bank represented in Uzbekistan by the Uzbek-Korean Development Bank (UzKDB), on 13 December signed an agreement with the Royal Bank of Scotland N.V. (RBS) to acquire stake worth 82.35% in the Royal Bank of Scotland Uzbekistan NB CJSC.

KDB is planning in the future to merge RBS Uzbekistan with its subsidiary UzKDB, as a result of which the new organization will be the largest foreign bank in Uzbekistan.

RBS NB Uzbekistan CJSC had gross assets of approximately 5 million as at 31 December 2009. As part of the Group's strategic plan, announced in February 2009, it was concluded that the business would be better placed with a new owner outside of RBS. This sale represents further progress against the asset reduction element of RBS' five-year strategic plan.

UzKDB was founded on the basis of UzDaewooBank that had been operating since 1997. As a result of merger of Daewoo Securities assets in 2006, the Korea Development Bank became a majority shareholder in the bank. European Bank for Reconstruction and Development was another large foreign stakeholder.

The Uzbek side in UzKDB bank is represented by the National Bank of Uzbekistan for Foreign Economic Activities and Turonbank. The bank's activity is primarily focused on the corporate clients servicing.

New payment agent's network launched in Uzbekistan

Septimum Service LLC has been registered by the Central Bank of Uzbekistan as a general agent of payment network.

The decision was made in line with the Law "On the Central Bank of the Republic of Uzbekistan" and Regulations "On the order of acceptance by payment agent's network of payments from individuals" dated 21 April 2010.