More significantly, the bank doubled its capital base in 2008.
“Due to the increasing importance of our bank in the economy of the country, the government deemed it important to become a shareholder of Pakhta bank with the purchase of 51% of our shares. We will continue to strengthen our capital and in 2009 we are planning to increase our capital by an additional UzS50bn,” says chairman of the board, Abdurakhmat Boymuratov.
In terms of its services, the bank has introduced correspondent accounting, so that any account can be accessed from any branch around the country. “Another important factor that has contributed to our bottom line is the expansion of our niche market in regions of the country. As the economic welfare of people in the rural areas increases, the demand for banking services rises as well. We continue our effort to get close to our clients by expanding our network in far-flung regions of Uzbekistan,” says Mr Boymuratov.
The judges also gave a special mention to Kapitalbank, for launching the country’s first subordinated debt issue in 2007, totalling UzS2.5bn.
