Ravnak Bank, a private joint-stock commercial bank, received the General License of the Central bank of Uzbekistan No. 29 allowing it to perform operation in foreign currency on 4 June 2007.

Ravnak Bank was established on 26 April 2001. The aim was to establish a financial institution capable of offering new, competitive instruments, know-how, attractive not only for state and corporate clients, but also for private enterprises.

Over the past six years the bank has grown into a universal bank, providing a wide range of retail banking services. However, the revocation of the General License in 5 May 2006 limited the bank’s ability to conduct operations in foreign currency, and thereby prevented it from achieving the goals it had set.

Thanks to the well-organised work of the bank’s shareholders and qualified actions of the managing personnel, the bank has recovered its position in the currency market.

In general, the bank has improved its operation in 2007, which is illustrated by the doubling of the deposits attracted, the growth of capital 3.6 times, and the bank’s registration of the sixth stock float. The bank’s charter capital thereby reached 4 billion soums, which is an additional guarantee of its financial stability and reliability in the eyes of its clients. Moreover, the bank’s press service says an Austrian company is planning to buy a stake in the bank.

The bank’s current position implies stable development in the future making it a reliable partner for its clients and putting confidence in its investors, UzReport.com.