The press service of the Central Bank said that license was re-issued in connection with merger of Royal Bank of Scotland Uzbekistan MB to UzKDB Bank and renaming of UzKDB Bank into KDB Bank Uzbekistan.

New license was issued in line with the article 17 of the law “On Central Bank of Uzbekistan” and resolution of Cabinet of Ministers “On organizational-procedural issues of activities of UzKDB Bank” from 13 March 2013.

In December 2010, Korea Development Bank (KDB) signed agreement with RBS on purchase of 82.35% of its shares in RBS Uzbekistan. The sum of the deal was not disclosed.

KDB says it paid around book value in a deal that creates the largest foreign-owned bank in Uzbekistan. KDB plans to merge RBS Uzbekistan with its existing Uzbek unit - UzKDB Bank.

Shareholders of RBS Uzbekistan, created in 1996, are KDB (82.35%) and National Bank of Uzbekistan for Foreign Economic Activity and Turon Bank.