OREANDA-NEWS. On November 01, 2008 The merger of the two biggest commercial financial institutions of the country, OJSC “AsiaUniversalBank” and OJSC “Kyrgyzpromstroibank” has been approved by a joint meeting of the shareholders, reported the press-centre of AsiaUniversalBank.

In accordance with the resolution № 39/1, dated November 3, 2008, the National Bank of the Kyrgyz Republic granted the official authorization to reorganize OJSC "AsiaUniversalBank" and OJSC "Kygyzpromstroibank” as a single entity. Accordingly, on November 3, 2008, the merged commercial bank started its activity under the common brand - OJSC “AsiaUniversalBank”.

On November 1, 2008, at the Joint Extraordinary General Meeting of the shareholders of OJSC "AsiaUniversalBank" and OJSC "Kygyzpromstroibank”, the process to merge the two commercial banks, which lasted for about five months, was completed. The merged commercial bank, with an aggregate capital of 2.3 billion soms and total assets comprising 10.8 billion soms, began operations under the common brand name of OJSC “AsiaUniversalBank” on Monday, November 3, 2008.  The merged bank will be the legal successor of all the rights and liabilities of OJSC "Kygyzpromstroibank”.

The Board of Directors of the new credit institution, which was elected during the Joint Extraordinary General Meeting, included the following persons: Mikhail Nadel, Aleksei Yeliseyev, Rustam Akjolov, Robert Joseph Dole, Andrei Galitsky, Eugene Gourevitch, John Bennett Johnston, Alexandra Katrin, and Michael Mered. By the resolution of the new Board of Directors Nurdin Abdrazakov has been appointed to the position of the Chief Executive Officer of the joint financial institution.

The primary strategy of the new commercial banking institution is the development of Kyrgyz retail domestic market. The broad branch network and the long-term domestic market experience of Kyrgyzpromstroibank (which has the longest commercial banking history in Kyrgyzstan), combined with AsiaUniversalBank’s significant international experience and modern technological base will allow a broader range of product services of the highest quality to be offered to corporate clients and individuals.

It is expected that the newly established banking institution will play a major role in financial intermediation and thus contribute to the development effort of the Kyrgyz economy.

“This merger is first of all a consolidation of banking practices, experiences, and technologies”, noted Mikhail Nadel. “Joining our efforts will make it possible to introduce banking services of the the highest international standards across the country”.

“The merger of the two commercial banks is a long and complicated process requiring an in-depth structural reorganization of both institutions”, said Nurdin Abdrazakov. “The satisfaction of all of AsiaUniversalBank and Kyrgyzpromstroibank customers, as well as that of future clients will depend on the successful implementation of this merger.”

As a result of the eighth emission of common shares of OJSC ‘AsiaUniversalBank” in the amount of 1,375,160 shares, at a par value of 100 soms each, the authorized share capital will be increased to 1,337 516 000 soms.

On Monday the Bank began the official re-registration of OJSC ‘AsiaUniversalBank” and the approval of the revised version of the Charter. As usual, the joint “AsiaUniversalBank” will continue informing its clients, shareholders and partners about all significant events concerning its activities.