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Finance 15/12/2011 RBS NB UZBEKISTAN joins KDB Financial Group
RBS NB UZBEKISTAN joins KDB Financial Group
Tashkent, Uzbekistan (UzDaily.com) -- Tashkent hosted a ceremony “New Start” RBS NS Uzbekistan on 14 December 2011. Korean Development Bank (KDB) became the main shareholder of RBS NB Uzbekistan through acquiring 82.35% shares of the bank from RBS Group.

KDB is fully owned by the Korean government and has non-full sovereign status. It was founded in 1954 and carries out entrepreneurship activity in corporate, investment-banking, and international banking sectors, as well as in corporate restructuring and consulting.

In order to carry out main activity, KDB issues loans to purchase of equipment for main sectors industry and turnover funds, investment into bonds and shares of enterprises, etc.

KDB has credit ratings of Standard and Poor's Ratings Services, Moody's Investors Service, Inc., и Fitch, Inc at the level of A, A1 and A+ respectively. At the end of 2010, the assets of the bank made up US$101.1 billion. Net income reached US$0.93 billion.

KDB is member of KDB Financial Group, which unites six financial companies - KDB, Daewoo Securities, KDB Capital, KDB Asset Management, Korea Infrastructure Investment Asset Management, and KDB Life Insurance. Among them KDB has 65 local business branches and 7 foreign branches, five branches (one of them is UzKDB Bank) and two representative offices worldwide. UzKDB Bank successfully has been operating in Uzbek financial market since 2006.

Main aim of acquisition of RBS NS Uzbekistan is to expand KDB business activity in Uzbekistan and contribute to economic development through exchange and uniting know-how of the KDB, modern financial knowledge and experience.

For some time, RBS NB Uzbekistan will work independently from UzKDB Bank. The bank will use name for one year in line with trademark agreement. As soon as all necessary measures adopted for increasing management efficiency and expanding opportunities of resource synergy, RBS NB Uzbekistan will be integrated into UzKDB Bank.

Chairperson and Senor Executive Director of KDB Financial Group Man-Soo Kang expressed his assurance that RBS NB Uzbekistan will continue to service its clients through current employees at the same level. He said that the bank will continue to contribute to development of Uzbekistan and its financial markets through universal banking services, consulting and financial services, etc.

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