Shareholders of ANORBANK at the general meeting on October 5 approved an additional share issuance of 100 billion soums. The decision aims to attract investments and strengthen the capital base.

What changed in the plan

Key wording in the bank's statement: capitalization plan implementation should no longer depend on circumstances related to a single shareholder.

This clarification is significant. Previously, Fitch Ratings, downgrading the bank's rating, pointed specifically to capital recovery's dependence on shareholder contributions. The transition to additional issuance with involvement of third-party investors removes this constraint.

Currently, the organization is undergoing stages provided by legislation and corporate procedures for actual capital increase.

Change in board composition

On October 2, Kakhramonjon Olimov submitted a statement of resignation from the supervisory board. The issue will be considered by the general meeting of shareholders on October 28.

The entrepreneur owns a significant stake in the bank; at the end of September, his name appeared in Interpol's database with a "red notice," the grounds for which were not officially disclosed.

Context: why this matters

In September, Fitch downgraded the bank's long-term ratings to "CCC+", citing significant deterioration in core capitalization by IFRS standards.

Fitch's Core Capital ratio fell to 0.9% — one of the lowest indicators among banks rated by the agency worldwide. The cause was identified as aggressive credit growth without proportional capital support.

Meanwhile, the regulatory capital adequacy ratio of the first tier remained at 13% against a minimum requirement of 12%.

What the regulator said

The Central Bank previously confirmed the bank's compliance with prudential requirements:

  • share of highly liquid assets — 16.9% against a minimum of 10%;
  • liquidity coverage ratio — 116% against a requirement of 100%;
  • net stable funding ratio — 128% against a requirement of 100%.

According to Fitch's assessment, upon implementation of the capitalization plan, the FCC ratio could grow to approximately 5% by year-end.

What this means for clients

The bank reports that it continues to operate normally and fulfill obligations to clients.

The basic principle for a depositor does not depend on the current situation in a particular organization: deposits of individuals are protected by the guarantee system within the legal limit, and for amounts exceeding it, funds should reasonably be distributed among several banks.

When comparing deposit rates, it is useful to simultaneously review capital and liquidity indicators — these are published by the regulator monthly.

The organization stated it will continue to inform the market about progress on key stages of the plan.

This material is informational in nature and is not an investment recommendation.