The insurer will acquire 7,180 shares in Turkiston Bank, which makes up 15.128% of the bank’s total authorized capital.

Kafil Sug’urta started its operations in the second half of 2006. The company holds license to carry out insurance activity on 17 classes of general voluntary insurance. It has 14 branches in all regions of Uzbekistan. The insurer plans to raise charter capital to US$1 million.

Turkiston Bank’s charter capital is 2.6 billion soums and assets - 10.5 billion soums as of 1 September 2009.

The Central Bank of Uzbekistan withdrew license of Turkiston Bank for carrying out operations in foreign currency in August 2009 due to violation of banking legislation on currency regulation.