The company said it has withdrawn the credit rating for its own business reasons.

Moody's last rating action on Turonbank was on 12 April 2010 when the rating agency changed to negative from stable the outlook on the bank's standalone E+ BFSR and B3 deposit ratings.

This rating action was driven by the rating agency's concerns about the bank's weak capital levels against the background of a relatively high risk appetite.

Headquartered in Tashkent, Uzbekistan, Turonbank reported total assets of 401.2 billion soums (US$244.6 million), total shareholders' equity of 32.8 billion soums (US$20.0 million) and net income of 6.0 billion soums (US$3.7 million) under local GAAP (unaudited) as at 31 December 2010.