Thursday, 18, July, 2024

The Tashkent Interdistrict Economic Court ruled on February 15 to declare the Turkiston Bank bankrupt, the Central Bank said on Monday.

While, the liquidation commission also stopped its work. The court appointed A. Keldiev as a liquidation manager to conduct the liquidation proceedings.

On October 7, the Board of the Central Bank decided to revoke the license from Hi-Tech Bank and Turkiston Bank. On the same day, the process of liquidation of the banks commenced. At the end of October, the governor of the Central Bank, Mamarizo Nurmuratov, announced that the return of funds to bank depositors would begin within two months. According to him, we are talking about the amount of 373 billion soums, or US$ 32 million for the two banks.

On November 21, the Central Bank announced the start of early reimbursement of funds from depositors of Turkistonbank, which was deprived of a license in October. Depositors could apply to Qishloq Qurilish Bank.

At the end of December, Hi-Tech Bank filed a lawsuit demanding to invalidate the decision of the Central Bank of Uzbekistan to revoke the license, which launched the bank's liquidation process.

Turkiston Bank was established in 1998. Initially, the bank was created as an industrial bank providing banking services for transport organizations, but later expanded the scope of activities as a universal bank. In October, it ranked 26th in the banking system in terms of assets.

Latest in Finances