Based on the decision of the Central Bank Board dated October 7, 2022, the banking activities licenses of "Turkistonbank" and "Hi-tech Bank" were revoked.
Ranked 26th and 29th "Turkistonbank" and "Hi-tech Bank" respectively in the banking system of Uzbekistan, the financial institutions had continuously committed violations specified in Articles 54 and 77 of the Law "On Banks and Banking Activities":
- lack of sufficient reserves against possible losses on bank assets;
- suffered a loss of more than fifty per cent of its regulatory capital;
- violation of the rights and legal interests of consumers of banking services;
- that the accounting is conducted with violations that lead to the violation of reporting information and do not allow reflecting the real financial situation of the bank;
- failure to comply with the instructions of the Central Bank on the elimination of gross violations in banking activities within the specified period;
It is noted that after the Central Bank imposed a fine for a serious violation, the Board of the Central Bank made this decision due to repeated violations of the same violation.
Based on the above-mentioned decision of the Central Bank, the liquidation commission of "Turkistonbank" and "Hi-tech Bank" was appointed.
Pursuant to the Law "On Banks and Banking Activities", the powers of bank management, including the general meeting of bank shareholders, the supervisory board and the board, were transferred to this commission.
Information for depositors:
All funds of "Turkistonbank" and "Hi-tech Bank" depositors will be fully returned after 2 months.
The return of savings funds to the population is carried out by the Citizens' Bank Deposit Guarantee Fund in accordance with the procedure established by this law.
Detailed information on the return of deposits can be obtained through the hotlines of the Central Bank of Uzbekistan 71-200-00-44, 71-236-75-24.
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