A private school in Singapore plans to open its first overseas campus in August in the capital of Uzbekistan, backers said Tuesday.
President of Uzbekistan Islam Karimov set new capital requirements for insurance companies on 21 May with his resolution “On additional measures to further reform and develop the insurance services market”.
Russian insurer Ingosstrakh has allocated over US$240 million for acquisitions in Russia and the CIS to 2010, Ingosstrakh General Director Alexander Grigoryev told the press Wednesday, Interfax reported.
The Legislative Chamber of the Oliy Majlis of Uzbekistan held a meeting on the implementation of the Law “On microfinancing” by commercial banks, credit associations, microcredit organizations and pawnshops, UzA reported.
The joint stock commercial bank Kapitalbank opened its fourth branch - Sergeli in Tashkent.
Central Bank of Uzbekistan kept the refinancing rate at the level of 14% APR on 12 April 2008, the press service of the bank said.
Consolidated balance of National Bank of Uzbekistan for Foreign Economic Activity reached 4.42 trillion soums, the session of NBU’s board, dedicated to the results of the first quarter of 2008, said on 19 April.
Fitch Ratings has today assigned Uzbekistan-based Uzpromstroybank (UPSB) ratings of Long-term Issuer Default (IDR) ’B-’ (B minus) with a Stable Outlook, Short-term IDR ’B’, Individual ’D/E’, Support ’5’, and Support Rating Floor ’B-’ (B minus).
Fitch Ratings said it assigned Uzbekistan-based Uzpromstroybank (UPSB) its ’B-’ long-term issuer default rating (IDR) with a stable outlook, and ’B’ short-term IDR.
Uzbekistan’s nascent banking system benefits from the relative stability of the steadily improving regulatory environment and the system’s growth potential, but is constrained by structural weaknesses, the state’s dominance in the system’s ownership, the volatility in the operating environment and banks’ financial fundamentals and limited competitiveness, says Moody’s Investors Service in its first ’Banking System Outlook’ report for Uzbekistan, published today.