UzKDB Bank capital increase

Location:

Uzbekistan

Project number:

37486

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

09 Jan 2007

Status:

Complete

PSD disclosed:

11 Dec 2006

Project Description

The proposed project envisages EBRD’s subscription of newly issued ordinary shares of UzKDB. The project is aimed at strengthening UzKDB’s capital base to support the organic growth of the bank’s business and improve its institutional capacity.

Transition Impact

The project will provide UzKDB with the capital resources needed for the implementation of the bank’s medium-term strategy aimed at servicing foreign and local investors in Uzbekistan. The capital increase will also enable UzKDB to upgrade its IT systems and premises, which will provide the bank with essential institutional base to expand its operations and network. In supporting UzKDB in expanding its operations, the EBRD aims to promote further competition in the Uzbek financial sector.

The Client

UzKDB is the successor of UzDaewoo Bank, which was created in 1997 as part of the international expansion of the Daewoo Group and its financial arm, Daewoo Securities. The bank has emerged as the one of the leading private banks in Uzbekistan with an excellent local reputation. In early 2006 a new strategic investor, Korea Development Bank, acquired a 61% stake in the bank and re-branded it into UzKDB.

EBRD Finance

Up to USD 1 million.

Project Cost

USD 3.3 million.

Environmental Impact

UzKDB is familiar with the environmental requirements of the EBRD through the existing operations and will continue to implement the EBRD’s Environmental Procedures for Local Banks including compliance with the Exclusion and Referral Lists across all its operations as well as submission of Annual Environmental Report to the Bank.

Technical Cooperation

None.

Company Contact

Bakhtiyor Abdullaev

Deputy Chairman of the Board
1, Pushkin Street, Tashkent, 700000, Uzbekistan

Tel: +998 71 120-8000
Fax: +998 71 120-6970

E-mail: bakhtiyor@daewoobank.com

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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Text of the PIP

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