The President of Uzbekistan Islam Karimov signed on 13 November a resolution “On measures for further improvement of investment activity of Asaka state joint stock commercial bank”.

The document said that Ministry of Finance of Uzbekistan will buy shares of the bank for 49.6 billion soums, part of the money will be capitalized due to dividends it received from the shares of the Asaka Bank.

Uzbekistan Reconstruction and Development Fund and Uzavtosanoat will purchase shares for 50 billion soums and 47.5 billion soums respective, the document said.

Asaka Bank state joint-stock commercial bank was founded in November 1995. It is positioned in the market as major universal financial credit institute with wide spectrum of traditional and modern banking services. The bank has 26 subsidiaries in all the regions of the Republic of Uzbekistan.

Assets of Asaka Bank increased from 1.341 trillion soums in nine months of last year to 1.494 trillion soums in January-September 2008.

Credit portfolio of the bank rose by 99.409 billion soums to 520.517billion soums. Investments in economy grew 62% to 390.215 billion soums.

In the reporting period, funds on clients’ accounts were 997.6 billion soums, including almost 10% or 98 billion soums of deposits of individuals.