The regulator’s press service stated that the license on right of conducting banking operations of the Credit Standard Bank was withdrawn due to violation of the banking legislation.

The statement of the Central Bank of Uzbekistan said that the Central Bank of Uzbekistan withdrew license on right of conducting banking operations of open joint stock commercial bank “Credit Standard” due to violation of the banking legislation.

The license was withdrawn in line with the article 53 of the law “On central Bank of Uzbekistan” and article 14 of the law “On banking and banking activities.

Open joint stock commercial bank “Credit Standard” was founded on 16 August 2003 with the charter capital at the size of 1.3 billion soums. The assets of the bank reached 77.54 billion soums as of the end of the second quarter of 2013. Own capital made up 49.46 billion soums in the end of the second quarter of 2013.

As of the end of the second quarter of 2013, the equity capital of the Credit Standard Bank rose by 6.42% year-on-year to 26.7 billion soums (25.1 billion soums as of the end of the second quarter of 2012).

According to the website of the bank, the shareholders of the Credit Standard Bank as of 1 July 2011 were Transcapital LLC (Russia, 80%), Total Development LLC (Uzbekistan, 12,17%) and individuals (citizens of Uzbekistan, 7.83%).

Currently, there are 28 commercial banks in Uzbekistan.