OREANDA-NEWS. December 27, 2010. Universlabank has informed that it formed its charter fund in accordance with minimum requirements as of 24 December 2010.

According to the Decree of the President PK-1317 dated 6 April 2010, the minimum requirements for commercial banks' charter funds are established at 10 million Euros, for private banks – at 5 million Euros.

As of 24 December 2010 Universalbank's charter fund comprises 11.05 billion soums, the sum equivalent to of 5.07 million Euros at the rate of the Central Bank of Uzbekistan.

The increase of the charter fund will strengthen the bank's market position and increase its credit potential. It is planned to increase the bank's fund at least by 20-25% during the next five years, as a result of which the bank's charter fund will exceed 12 million Euros.

As it was earlier reported, since the middle of the year Universalbank started the process of restructuring aimed at strengthening corporate governance and provide more effective control for operational risks.

In 2011 the bank plans to launch the system of control for operational risks on the basis of Basil Committee recommendations (2nd edition). It is expected that the bank will become more transparent and dynamically developing financial institution as a result of implemented measures. Universalbank plans to expand the line of products for retail and corporate clients, to carry out brand restyling and increase the number of branches.

Universalbank private open joint-stock commercial bank was established on 25 May 2002 with a charter fund of 50 million soums on the basis of Kokand bank. Universalbank's headquarters are located in Kokand, Ferghana region. The bank's assets as of 1 January 2010 comprised 26.4 billion soums.