Private Savdogar Bank has changed its name to Garant Bank. The decision was approved at the June 17 shareholders meeting, the Unified Portal of Corporate Information said.
The bank's management was instructed to take all organizational measures to change the name.
Savdogar Bank was established in May 1994 to provide services to trade organizations, finance trade operations and settlements between them and enterprises in other sectors of the economy. Later, the bank bought Yengilsanoatbank and Mevasabzavotbank.
In December, entrepreneur Rauf Kamiljanov acquired a controlling stake in Savdogar for 10 billion soums, and then bought another 45.73% stake in the bank for 71.3 billion soums and increased his stake to over 99%.
In Q1 of 2022, the bank received a profit of 2.2 billion soums. According to the Central Bank of Uzbekistan, as of June 1, the bank's assets exceed 1.37 trillion soums. The bank's loan portfolio contains 946 billion soums, of which 106 billion soums (11%) are problematic.