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Uzbek Central Bank withdraws Credit-Standard’s license for foreign currency transactions

2 January 2013

http://en.trend.az of 1/2/2013 - The Uzbek Central Bank withdrew Credit-Standard's general license to conduct foreign currency transactions, the Central Bank said today.

"According to the Uzbek Republic's law on the Central Bank of the Uzbek Republic, the Central Bank revoked Credit-Standard's general license to conduct foreign currency transactions in connection with a violation of currency regulation legislation", the regulator said.

The report did not specify any specific violation or period of revocation.

Credit-Standard Bank was established in August of 2003 as a private open joint stock commercial bank. It was transformed into an open joint-stock commercial bank in October of 2007.

As of the first half of 2011, the bank's assets amounted to 254.8 billion Soums, including loans of 36.7 billion Soums. Deposit funds amounted to 114.8 billion Soums. The share capital as of July 1st, 2011 was 15.552 billion Soums. It consisted of 43,200 shares with a par value of 360,000 Soums, including 38,000 common and 5,200 preferred. The Russian company Transkapital is the largest shareholder with 76% of shares.

Recent financial indices of the bank's activity, as well as management's comments are not available.