Uzbekistan, Tashkent, Dec.19 / Trend D.Azizov /
Shareholders of the Uzbek-Korean UzKDB Bank have approved the reorganisation of the bank, namely its accession to the Royal Bank of Scotland Uzbekistan (RBS Uzbekistan), the bank representative told Trend.
"The bank's shareholders also approved a merger agreement and the deed of conveyance for integration of the two banks," the agency's interlocutor said.
He said the RBS Uzbekistan shareholders also approved these documents.
The shareholders of both banks authorised the chairmen of the board to sign these documents on behalf of UzKDB Bank and RBS Uzbekistan.
They also authorised the banks' boards to execute decisions of general meetings of shareholders and gave the chairmen of the bank boards the right to notify creditors on reorganisation.
The present decision of the shareholders is adopted in accordance with the plan on preparation for receiving the decision of the Uzbek government which will legally complete the merger in early 2013, the UzKDB Bank representative said.
It is expected that the largest foreign bank will be created as a result of the merger of UzKDB Bank and Bank RBS Uzbekistan.
As was reported in December 2010, the Korea Development Bank (KDB) acquired an 82.35 per cent share of the British bank The Royal Bank of Scotland (RBS) in the Uzbek Royal Bank of Scotland Uzbekistan (RBS Uzbekistan). The cost of the purchased package was not specified.
According to KDB, the South Korean bank paid an amount approximately equal to the residual value of RBS Uzbekistan's fixed capital.
According to KDB estimations, following the merger, the bank's assets will increase by about 2.5 times and reach $ 670 million.
Established in 1996 as a closed joint-stock company, RBS Uzbekistan is currently the largest cooperative bank in Uzbekistan. The shareholders are KDB (82.35 per cent of shares) and the National Bank for Foreign Economic Activity of Uzbekistan (17.6 per cent).
The bank serves more than 500 enterprise customers mostly international companies trading with Uzbekistan.
UzKDB Bank close joint stock company (until February 2006 - UzDEUbank) was established in 1997. The authorised capital of UzKDB Bank reached $12.27 million. The bank's shareholders are KDB - 88.8 per cent, the National Bank for Foreign Economic Activity of Uzbekistan and the Uzbek bank Turon with 5.6 per cent each.