OREANDA-NEWS. January 26, 2011. The bank business is a complex product that provides an opportunity to choose the optimal and mutually beneficial type of cooperation on the basis of professional and high quality banking services.

Rendering credit resources to subjects of small and medium business is one of strategic directions of Turkiston private open joint-stock commercial investment bank.

Svetlana Chesnokova, Head of the Department for Investment Projects Crediting and Financing under Turkiston bank, gave interview on the bank's credit policy.

- Could you please tell us how actively the bank rendered credit resources in 2010?
- Turkiston bank's credit portfolio on the results of 2010 amounted to 18 billion soums. In terms of purposes, main credit investments were extended for financing trade - 9.7 billion soums, 4.2 billion soums – for construction and purchase of buildings, 1.8 billion soums – for the industry, 428.5 million soums – for municipal services, 36 million soums – for agriculture, 1.9 million soums – for other purposes. Now we can assert that crediting small business and private entrepreneurship is one of the foreground directions of Turkiston bank's activity, since over 70% of credits is extended for this sphere.

Presently the bank provides its clients with large opportunities in the use of credit products, including capital assets replenishment, purchase of goods, raw materials, trade equipment and financing other client needs to expand the volume of business.

This year Turkiston bank actively rendered long term and short term crediting of small and large business, exporting enterprises and industrial organizations. In terms of geographical aspects, largest number of our clients comes from Tashkent, we also have clients in Tashkent region.

As an example, in 2010 the bank supported rendering repayable leasing to a brick plant located in Parkent region. This investment helped to open new workplaces, increase production capacity and provide clients with construction materials of local production.

Moreover the bank actively worked on implementation of the Decree of the President aimed at stimulation of the production of local foods and non foods. As a result in 2010 Turkiston bank extended credits worth 1.35 billion soums to enterprises focusing on production of foods and 730 million soums – for the production of non foods, including credits worth 350 million soums to purchase of technological equipment, 350 million soums for leasing purposes and 30 million soums for the purchase of raw materials for the production of nonfoods. The bank used its own funds to extend the above mentioned credits.

To be noted, on 1 December 2010 Turkiston bank made agreement with one of the leading rating companies of the world Fitch Ratings Ltd (UK) envisaging the assessment of bank's credit policy in 2009-2010 to ensure the growth of clients' trust to our bank.

As of 1 January 2011 the bank has fully formed its charter fund by achieving the level when clients can use our services freely.

As a whole, 2010 was rather successful since we did not have any overdue credits or interest on them. We have established trustful partner relations with our clients.

- How complicated is the credit formalization procedure in your bank?
- To foster credit investments, our bank staff takes all measures to satisfy all clients' requirements in credit products. Credit department staff renders comprehensive assistance both in preparation of documents and credit formalization. We consider all applications and approve them as well as help our clients in drawing up primary documents.

As for terms for consideration of credit application in Turkiston bank, it is up to five days for entrepreneurs and three days on average. Drawing up loan security is the main requirement. Credit department staff does all it best to accelerate the process to make it more convenient for clients. For this purpose the credit department established relations with notaries so that bank clients would not have any problems in this direction.

Also bank experts carry out explanatory works to clarify the issues concerning credit repayment, open credit lines and the choice of the most optimal credit product.

Main requirements to the borrower are a faultless credit story and credit security of 125% of the loan applied. Moreover, the applicant must provide all necessary documentation for credit formalization, including application for credit, business plan and technical economic basing, copies of charter documents and appendixes, copy of the legal entity registration and corresponding licenses, financial reports, information about the absence of debts, trial balance and reports for the last three months, etc.

- What are the bank's credit policy plans for 2011?
- Within the framework of credit policy for 2011 Turkiston will actively render financial support to small business and private entrepreneurship. It is also envisaged to expand crediting for different purposes. The bank plans to invest 40 billion soums in this direction, following the plan for 2011.

I would like to stress that in 2011 Turkiston bank will pay attention to financial support of financial support of entrepreneurial initiative. The bank has enough assets to develop in this direction.