Uzbek Business Bank Closed

by Laurence on 3/16/2005

Student called our attention to this news from Ferghana.Ru Uzbek Business Bank had his license annulled

A source close to Business Bank management told Reuters that the major shareholder, prominent Tashkent businessman Sergei Tsoi, had left the country last week-end unable to cope with the pressure applied by the circles associated with the government.

Reuters quotes its source in the banking sphere that the license was annulled when Business Bank refused to sell out to another private bank rapidly gaining weight in Uzbekistan. According to what information Ferghana.Ru has compiled, the matter concerns Credit Standard. There are reports (unconfirmed) that this bank is controlled by some structures associated with the president’s daughter Gulnara Karimova.


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