Tashkent, Uzbekistan (UzDaily.com) -- The People’s Bank of Kazakhstan (Halyk Bank) has established a subsidiary bank “Tenge Bank” in Uzbekistan, the statement on the website of the Kazakhstan Stock Exchange said.

The statement said that the Board of Directors of the People’s Bank of Kazakhstan has decided to establish a daughter bank - a joint-stock commercial bank Tenge Bank in Uzbekistan. 

The subsidiary bank will be located in Yakkasaray district of Tashkent.

Earlier it was reported that the capital of the “daughter” of the People’s Bank of Kazakhstan will be about US$15 million.

The People’s Bank of Kazakhstan is the largest bank in Kazakhstan in terms of assets.