Chairman of the Central Bank, Mamarizo Nurmuratov, revealed that four banks failed to raise their charter capital to the required level within the specified timeframe. Of those four, "Poytakht Bank" was put up for sale and faced no sanctions, but two other banks were issued obligations by the Central Bank.
During a press conference on October 26, Mamarizo Nurmuratov explained that negotiations with "strategic investors" are underway for the sale of "Poytakht Bank," which is owned by the Tashkent administration. He mentioned that there was no need to apply the requirement of having a minimum authorized capital of UZS 200bn ($16.3mn) by September 1 to this bank if it is to be sold soon.
Nurmuratov confirmed that as of October 1, the authorized capital of "Poytakht Bank," "Hayot Bank," "New Bank," and "AVO Bank" (formerly "Uzagroexportbank") did not meet the minimum requirements. He clarified that the three banks, including "Poytakht Bank," "Hayot Bank," and "Yangi Bank," had faced certain issues but provided written confirmation of commitments from their shareholders for additional investments in the authorized capital during the first ten days of October. This allowed them to resume regular operations.
Previously, the regulator had prohibited "AVO Bank" from conducting lending, financing other expenses, and deposit operations since the bank was unable to increase its authorized capital to the required UZS 200bn ($16.3mn). This was due to the bank's inability to guarantee an increase in its authorized capital, leading to the continued closure of all asset and liability operations.
"Poytakht Bank" commenced its operations at the end of 2018 with a focus on providing mortgage credit and banking services for the housing needs of individuals and legal entities, as well as extending loans to contractors involved in constructing affordable multi-story buildings. Notably, the bank was put up for sale in May 2021, and it was reported that Russia's "Expobank" was planning to privatize "Poytakht Bank."
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