Ravnaq-bank changes its name to Octobank

As the correspondent of “Gazeta.uz” reports, the private bank Ravnaq-bank is changing its name to Octobank. This decision was made by shareholders at a meeting on August 30.

Entrepreneur Sarvar Fayziev, who owned 52.1% of the bank’s shares since 2021, sold them in early August to Chairman of the Board Iskandar Tursunov, whose share increased from 19.9% to 72.05%. The deal is valued at 52.2 billion soums. The remaining shares belong to Fortis Reserve System, Sharq Guzar Servis and others.

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

At the end of 2022, the bank suffered losses of 8.54 billion soums; for the first half of 2023, losses amounted to 3.46 billion soums.

In addition, as of August 1, 80.5% of loans (212 billion out of 263 billion soums) are considered problematic. This is the second worst indicator 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 identifies three strategic business areas: corporate, commercial and retail. The main focus is the development of corporate and commercial business as the basis of fast and low-cost areas to create the necessary customer base and ensure stable sources of income, reports Spot.