Uzbekistan

In 2005, net profits more than quadrupled, rising by 304% on the back of a full range of corporate and retail banking services including cash settlements, deposits, lending, documentary credits and payroll services. The bank’s RoE reached 57.8%, up from 39.3% in 2004, making Credit-Standard the best performing bank in the country.

In 2005, the bank expanded significantly in the interbank, foreign exchange and securities markets and is the largest private player in the interbank market. It also expanded its client base by 126% in 2005 with customer deposits growing by more than 100%.

The bank is building a national branch network and plans to have six fully operational branches by the end of 2008 along with a growing network of mini-banks located at the premises of large clients.

Chairman Kamol Mukhamedjanov notes: “Young, dynamic and privately owned Credit-Standard received best bank award for the successful performance of its development strategy. The bank will continue to implement its development strategy aimed at gaining a significant position in the interbank money market, an extensive regional presence through introduction of innovative banking technologies, ensuring transparency of activities, building fair and reliable client relations, creating a strong foundation for sustainable growth, and the expansion of universal banking services based on international standards.

“We believe this award is recognition of Credit-Standard’s impressive performance, which includes remarkable growth and achieving international standards of doing business in Uzbekistan.”