100% state share in one of the state banks in Uzbekistan - "Uzagroexportbank" was sold to Support Level for $5 million. The State Asset Management Agency reports.
The sale of the bank which was authorized by the decree of the President of Uzbekistan has a liability to increase the capital to no less than 29 billion soums and invest at least $50 million in the development of the bank's infrastructure, technology and products.
"Uzagroexportbank" is the leader in Uzbekistan in terms of the share of problem loans that have had warnings by the Central Bank of Uzbekistan for the following reasons:
- non-fulfilment of economic regulations on bank control;
- lack of formation of sufficient reserves against possible losses on assets;
- failure to fully follow the established procedures for issuing credit documents;
- due to non-fulfilment of the requirements set for the amount of authorized capital of commercial banks in accordance with the current legal documents (authorized capital was formed less than 29 billion soums);
The sole founder of Support Level foreign company is Olimjon Shodiyev.
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