Cabinet of Ministers of Uzbekistan issued a resolution “On organizational issues in activities of closed joint stock union UzKDB Bank” on 13 March 2013.

The document was adopted in connection with purchase of shares of Royal Bank of Scotland N.V. (Netherlands) in Royal Bank of Scotland O’zbekiston MB by Korean Development Bank and deepening cooperation with South Korea.

The resolution said that general shareholders meeting of Royal Bank of Scotland O’zbekiston MB and UzKDB bank adopted decision on reorganization through acquisition of Royal Bank of Scotland O’zbekiston by UzKDB Bank.

At the same time, they adopted decision to rename UzKDB Bank into KDB Bank Uzbekistan, the resolution said.

The Government of Uzbekistan recommended to Central Bank of Uzbekistan to render assistance to KDB Bank Uzbekistan in solving organizational-procedural issues related with acquisition and renaming of the bank.

In December 2010, Korea Development Bank (KDB) signed agreement with RBS on purchase of 82.35% of its shares in RBS Uzbekistan. The sum of the deal was not disclosed.

KDB says it paid around book value in a deal that creates the largest foreign-owned bank in Uzbekistan. KDB plans to merge RBS Uzbekistan with its existing Uzbek unit - UzKDB Bank.

Shareholders of RBS Uzbekistan, created in 1996, are KDB (82.35%) and National Bank of Uzbekistan for Foreign Economic Activity and Turon Bank.

After acquisition, the assets of the bank rose 2.5 times to US$670 billion. The bank plans to expand scope and quality of financial services in Uzbekistan.