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Home / Business and Innovation / Asaka Bank: Quality, Availability and Safety

Asaka Bank: Quality, Availability and Safety

The Asaka Joint-Stock Commercial Bank has been confidently holding its leadship in the market of financial services for more than two decades.  The Asaka Bank was established in 1995 at the initiative of the head of state.

The Asaka Bank ranks among the leading banks of Uzbekistan in terms of capital and assets. In an effort to cooperate with the widest range of participants in the economic life of the country, it aims at meeting the diverse needs of business entities regardless of the form of ownership and scale of operations, as well as all social strata of the population. The bank lays the main focus on the quality of service in combination with individual and flexible approach to each client.

The Bank works continuously to make the performance of its structural units more effective, and enlarge its footprint in the banking market. The Asaka Bank system incorporates 26, 93 mini-banks, 329 savings, specialized and mobile offices.

The number of business entities served has exceeded 33,500, including representatives of various industries and sectors like automotive, mechanical and tool engineering, metalworking, mining, energy, construction industry, cotton industry and textile manufacture, pharmaceuticals, printing, food industry, agriculture , transport and communication, trade and public catering, services and others. The number of individual customers exceeds 1,668,900 and the number of regular customers of retail banking services is over 1.5 million people.

The Asaka Bank has been actively involved in foreign economic relations. It helps to channel foreign direct investment in the development of strategic sectors of the national economy. It maintains correspondent relations with more than 350 leading foreign banks. The bank was repeatedly acknowledged as the Year’s Top Bank in Uzbekistan by well-known foreign publishers like Euromoney, Global Finance and The Banker.

The bank attaches high importance to its international status. The international rating agencies Moody's and Fitch Ratings have repeatedly rated it as ‘stable’ over the recent years. On February 17, 2016, Moody's confirmed the Asaka Bank’s rating as ‘Stable’.

The total assets amounted to 8,053.8 billion soums on April 1, 2015, increasing by 2,691.5 billion soums YOY. The bank's total assets increased by 118 billion soums and amounted to 955.7 billion soums. The credit and leasing exposure exceeded 3,895.2 billion soums. The long-term loans of the loan portfolio make up 3,522.9 billion soums, including 3,090.2 billion soums of investment loans.

The support of small businesses and private enterprises ranks among the absolute priorities of the bank. Small business and private entrepreneurship entities obtained 1.16 trillion soums of loans in 2015. The bank allocated 332.2 billion soums for this purpose in the first quarter of the current year, including 34.7 billion soums for the establishment and development of female entrepreneurship, 51.3 billion soums for the service sector, almost 3 billion soums for support of family business and crafts, and 1.8 billion soums for support of university and vocational college graduates in opening their business. Entrepreneurs have obtained 24.4 billion soums of micro loans.

In the current year, it is planned to allocate 1.52 trillion soums of loans in the development of small business and private entrepreneurship.

The Asaka Bank has been actively working to ensure the financial recovery and rehabilitation of bankrupt enterprises, their technical and technological modernization. 46 bankrupt enterprises on the balance sheet of property complexes were sold to new investors. The bank has also established 14 subsidiaries on the basis of property complexes of bankrupt enterprises, investing 61.7 billion soums in their development. The measures have resulted in the establishment of 3,974 new jobs, production of goods at 546.2 billion soums, and exports at $66.2 million.

The bank has been actively involved in the implementation of the Presidential Resolution ‘On additional measures to further attract free funds of population and economic entities to deposits in commercial banks’ and ‘On measures to further enhance the financial stability of commercial banks and build their resource capacity’, as well as in the strengthening of public confidence in the banking system and reduction of the off-bank cash circulation, and further stimulation of depositing of free funds of population to the Asaka Bank.

There are currently 40 kinds of deposits in national and foreign currency.

As of April 1, 2016, the balance of deposits has increased by 131.2 billion soums and reached 632.1 billion soums against the same period of last year as a result of the measures taken. The number of depositors increased by 220,200, reaching 1,668,600.

The Asaka Bank won the third prize in the category ‘The Year’s Top Bank in Population Deposits’ at the competition of the Central Bank and the Banking Association of Uzbekistan in 2015. The Surkhandarya affiliate of Asaka Bank won the second prize in the category ‘The Year’s Top Branch in Urban Population Deposits’. Fixed-term deposit ‘Qadriyat’ won in the category ‘The Top Time Deposit in National Currency’.

The awards suggest the growing authority of the bank, once again confirm its reliability and strengthen public confidence in its stability.

As part of implementation of the Presidential Resolution ‘On additional measures to stimulate the development of the plastic card payment system’, Asaka Bank has issued more than 1,695,300 cards into circulation as of April 1, 2016.

The number of terminals in trade and service enterprises, bank offices and utility payment offices has reached 10,355. In the first quarter of 2016, plastic card operations turnover has amounted to 573.4 billion soums, 9,178 payroll card schemes have been introduced.

Forty-six self-service terminals and 27 ATMs were connected to the payment system for people’s convenience to perform all kinds of utility and communication services payments using plastic cards.

Plastic card holders of the new system of UzCard EMV receive information about enrollment or cancellation of funds from their accounts, transactions in sales and service network, and other information services.

The further development of the international MasterCard system has contributed to the increase in the number of issued international bank cards up to 144,800.

In the current year, the Asaka Bank focuses on the further improvement of customer services, strengthening of financial support to the real economy, stimulation of production of import-substituting goods, expansion of exports and cooperation with the growing of small businesses and private enterprises.

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