Avesta Investment Group and Qishloq Qurilish Bank are pleased to announce the successful presentation
On the results of the Uzbekistan Economic Forum 2022 in Samarkand
Avesta Investment Group and Qishloq Qurilish Bank are pleased to announce the successful presentation on the main directions of development and transformation of the bank before the start of the preparation process for a follow-up public offering (FPO) of Qishloq Qurilish Bank shares at RSE Tashkent as part of the Uzbekistan Economic Forum 2022 in Samarkand.
As part of the second day of the Forum, at the panel discussion Uzbekistan IPO Pioneers, hosted by Avesta Investment Group, the bank presented information about the current state and recent changes in the bank's operating business, its development prospects, and how these changes will affect future financial performance. Chairman of the Board of JSCB Qishloq Qurilish Bank Mr.Alisher Muratov helped the participants, including the Chairman of the Board of RSE Toshkent, Mr. George Paresishvili, representatives of the Ministry of Finance, colleagues from other banks, local and foreign investors, to get an idea of the new vision of the bank's development.
During the discussion, ADB's Principal Public Management Economist, Ms.Chigdem Akin, noted the role of ADB in supporting the bank's transformation process and the experience of working on the establishment and expansion of a mortgage financing system, in which Qishloq Qurilish Bank is the leader with a share of 27%.
Mr.Roman Lesnikov, Head of Financial Institutions Service at EY, spoke about the role of consultants in the transformation process and highlighted the positive shift in the mindset of the bank's employees towards commercial development and the provision of comprehensive services to clients.
Member of the Bank's Supervisory Board, Mr.Mantas Shekevicius focused on the role of corporate governance in building elements of risk management, interactions with operational management, and the importance of continuing further development.
The Director of Avesta Investment Group, Mr.Karen Srapionov told the guests about the current position of the bank on the stock exchange and the valuation of bank shares in Uzbekistan, highlighting the significant difference between private and state-owned banks, and the leadership positions of Qishloq Qurilish Bank among other public state-owned banks.
Qishloq Qurilish Bank JSCB (RSE: KKBN, KKB1) - established in 1994, is one of the oldest and leading state-owned banks in the country. The Bank specializes in financing corporate and retail clients in such areas as construction, trade, agribusiness, and others. The bank operates a network of 51 branches and offices, as well as a large number of service centers and ATMs. The main shareholder of the Bank is the Ministry of Finance of the Republic of Uzbekistan. According to the financial statements for the first half of 2022, the bank's assets exceed 22.2 trillion UZS, and the capital is 2.8 trillion UZS.
Avesta Investment Group LLC - is a leading investment banking firm founded in Tashkent in 2003 and currently operating in the Central Asian and Caucasus region. The firm provides financial and M&A advisory services, arranges debt and equity capital, and conducts equity and economic research. The basis of the company's clientele is foreign portfolio and strategic investors, as well as local private companies. Since 2010, the company has been the exclusive partner for Uzbekistan of the New-York based international brokerage firm AuerbachGrayson which operates in more than 120 countries.