Finance

Transinsurance sums up first half-year results

Transinsurance Uzbek-Swiss Reinsurance Company has summed up the first half-year results. The analysis of the company’s performance revealed that in January-June 2007, the company continued to develop stably and dynamically. Thus, the premium revenue from reinsurance operations for the reporting period comprised 835 million soums.

Ipak Yuli Bank now issues Visa VSDC cards

Ipak Yuli Bank has begun to issue VISA VSDC cards, according to the bank’s press service. On 16 July 2006, as an affiliated member of the Visa International payment system, Ipak Yuli Bank started to issue international Visa Classic cards.

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Central Bank: current account deficit of the balance of payments amounted to US$511 million

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Russian VTB to acquire banks in Uzbekistan

Russian Vneshtorgbank (VTB) intends to spread its presence to all countries of the CIS by mid-2008. The bank is prepared to invest some US$1.5 billion in the capitalization of the existing and acquisition of new banks on the territory of the Commonwealth, Regnum quoted the President and CEO of the Bank Andrey Kostin.

IFC launches new website on leasing in Central Asia and Azerbaijan

International Finance Corporation (IFC) has launched website www.ifc.org/acalf of its Azerbaijan-Central Asia Leasing Facility (ACALF) Advisory Services Project.

Three new credit unions registered in Tashkent

Central Bank of Uzbekistan registered three credit unions, located in Tashkent city, in line with legislation of the country, the bank said in its statement.

People’s Bank has 90,000 plastic cards issued

Khalq Bank (People’s Bank) issued over 90,000 plastic cards as of the end of the first half of the 2007. The bank said it issued 40,000 plastic cards as a part of salary projects.

Ipoteka Bank’s assets up by 33.9% in 1H 2007

The assets of the Ipoteka Bank, one of the five largest banks of Uzbekistan, increased by 33.9% to 562.6 billion soums in January-June 2007, Interfax reported citing the bank’s management.

Insurance companies with equity capital of less than 500m soums - down to 12%

The aggregate of equity capitals of the insurance companies of Uzbekistan exceeded US$66.8 million and 16.3 billion soums at the end of the first quarter of 2007 (US$63.7 million and 15.7 billion soums in 1Q 2006).

Insurance companies’ total premium revenue up by 56.4% in 1H 2007

As one of the most dynamically developing markets in the CIS, the insurance market of Uzbekistan again demonstrated high growth results during the past half-year, UzReport.com reported.

Hamkor Bank to pay out 1.9bn soums in dividends

In late June, Hamkor Bank held a general shareholders meeting to consider results of the bank’s performance in 2006, and set the performance targets for the year 2007.

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