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    Uzbekistan

    Banks in Uzbekistan issue additional securities for capitalization

    Banks in Uzbekistan issue additional securities for capitalization

    Recent developments in Uzbekistan's banking sector highlight a concerted effort by financial institutions to bolster their capitalization in accordance with regulatory directives. The National Agency for Project Management (NAPP) has registered multiple issuances of additional securities by Hayot Bank, Madad Invest Bank, and AVO Bank, signaling a proactive response to the evolving financial landscape.

    Xalq Bank near a pool with a fountain.
    Source: Daryo

    Hayot Bank and Madad Invest Bank

    On February 23, Hayot Bank shareholders convened for a general meeting where they resolved to issue 150mn securities, each valued at UZS 1,000 ($0.079) per share. The issuance, conducted through closed subscription, aims to enhance the bank's capital base.

    Similarly, Madad Invest Bank shareholders gathered for a meeting on March 15, deciding to issue 30mn common shares with a par value of UZS 5,000 ($0.4). This move will enable the bank to elevate its authorized capital from UZS 200bn ($15.9mn) to the mandated minimum of UZS 350bn ($27.7mn).

    AVO Bank and Central Bank

    AVO Bank recently issued 9.28bn ordinary uncertificated shares, priced at UZS 20 ($0.0016) per unit. This issuance facilitates an increase in the bank's authorized capital to nearly UZS 600bn ($47.6mn), aligning with regulatory requirements.

    The Central Bank, under the leadership of Chairman Mamarizo Nurmuratov, has set forth stringent requirements for financial institutions. In April 2023, President Shavkat Mirziyoyev endorsed a law mandating a gradual escalation in the minimum authorized capital for banks. Effective September 2023, the threshold stands at UZS 200bn ($15.9mn), escalating to 500bn ($39.6mn) by 2025.

    Compliance and Regulatory Oversight

    Eight banks, including Hayot Bank, Madad Invest Bank, and AVO Bank, reportedly failed to meet the revised capitalization criteria by March 1. However, negotiations for the privatization of Poytakht Bank, involving potential investors, have led to the exemption of financial sanctions for the institution.

    In instances involving the privatization of banks with state shares by non-residents, the Central Bank's board retains the authority to set deadlines for meeting capitalization requirements. Financial institutions are compelled to ensure compliance within specified time frames, with exceptions and flexibility provided for certain circumstances.

     

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    28.03.2024, 00:03   Comments (0)   2119
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