Friday, 01, March, 2024

The private Ravnaq-bank has changed its name to Octobank at the shareholder meeting on August 30. Sarvar Fayziev, who has owned 52.1% of the bank's shares since 2021, sold them in early August to the banl’s CEO Iskandar Tursunov, whose share increased from 19.9% to 72.05%. The deal is valued at 52.2 billion soums, or 4.2 million USD. The remaining shares belong to Fortis Reserve System, Sharq Guzar Servis and others.

While, shareholders also voted to update the bank’s supervisory staff, which now includes Ulugbek Muslimov, Takhmina Zakirova, Nazhmiddinhoja Sharipov, Shukhrat Pulatov and Aziz Ahrarov, and also determined the right to place additional shares worth 300 billion soums.

In 2022, the bank suffered losses of 8.54 billion soums; for the first half of 2023, losses topped 3.46 billion soums.

Also, as of August 1, 80.5% of loans (212 billion out of 263 billion soums) are considered problematic. This is the second worst figure among banks after Uzagroexportbank (which was recently bought by Olimjon Shadiev’s company and changed its name to AVO Bank), but its loan volume is only 0.4 billion soums.

Ravnaq-bank was founded in June 2001. The bank's business plan has outlined three strategic areas: corporate, commercial and retail. The main focus is the development of corporate and commercial business as the basis for fast and low-cost directions to create the necessary client base and ensure stable sources of income, writes Spot.

The bank’s new name coincides with the Octo payment service, together with which Ravnaq-bank previously launched the Octo Shop cloud platform.

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