The Central Bank deprived two banks of their licenses

Local 17149

Based on the decisions of the Central Bank Board dated 7 October (No. 22/1 and 22/2), the license granting the right to carry out banking activities, was revoked from the private joint-stock commercial bank "Turkistan" and the private joint-stock commercial bank "HI-TECH BANK".

Turkistan bank ranks 26th in the republic's banking system in terms of assets, and HI-TECH BANK ranks 29th.

These two banks committed violations specified in Articles 54 and 77 of the law "On Banks and Banking Activities", namely:

• lack of sufficient reserves against possible losses on bank assets;
• suffered a loss of more than fifty percent of its regulatory capital;
• violation of the rights and legal interests of consumers of banking services;
• that the accounting is conducted with violations that lead to the violation of reporting information and do not allow reflecting the real financial situation of the bank;
• failure to comply with the instructions of the Central Bank on the elimination of gross violations in banking activities within the specified period;
• after a fine was imposed by the Central Bank for a serious violation, the same violation was repeatedly committed.

Therefore, following Article 20 of the law "On the Central Bank of the Republic of Uzbekistan", the Central Bank's management decided to revoke the license.

Based on the above-mentioned decision of the Central Bank, the liquidation commissions of Turkistan bank and HI-TECH BANK were appointed, and by the law "On Banks and Banking Activities" on the management of banking affairs, including the general meeting of bank shareholders, powers of the supervisory board and management were transferred to this commission.

Information for depositors-individuals

Following the law of the Republic of Uzbekistan "On guarantees for the protection of citizens' deposits in banks", citizens' deposits in banks are fully guaranteed by the Citizens' Deposits Guarantee Fund, all funds of Turkistan bank and HI-TECH BANK depositors, first of all, 2 fully refunded after a month.

The return of savings funds to the population is carried out by the Citizens' Bank Deposit Guarantee Fund following the procedure established by this law.

You can get detailed information on the return of deposits through the hotlines of the Central Bank of the Republic of Uzbekistan 71-200-00-44, 71-236-75-24.

Sunnatilla Abdullayev Shaxzod Nusratulloyev
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