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The NCFM suspended the activities of 5 non-bank credit organizations
The Administrative Council of the National Commission on the Financial Market suspended for three years the activities of non-bank credit institutions Credit Market, Microcapital, E-Cash and Rosst-X on the basis of decisions of the general meetings of shareholders of these organizations, as well as non-bank credit organization Realty Capital - in accordance with the decision of the only associated person of this non-bank credit organization.
Fitch assigned 'BB-' final rating to Ipoteka-Bank's debut Eurobonds in Uzbekistan
Fitch Ratings assigned Ipoteka-Bank's debut Eurobond issue of USD 300 million with a 5.5% interest rate maturing in 2025 with a final rating of 'BB-'. Ipoteka-Bank uses proceeds from the issue mainly for lending in foreign currency to local borrowers in Uzbekistan.
S&P Global Ratings assigns rating to Uzbekistan at BB- /B
S&P Global Ratings has affirmed the Republic of Uzbekistan's long-term and short-term sovereign credit ratings for foreign and national currency liabilities at the BB-/B level. The rating outlook remains Negative.
GRATA International in Pravo 300
On the 4th of December 2020,, a leading Russian legal publication, revealed its national legal rating Pravo300. GRATA International, with a joint effort from its offices in Moscow, St. Petersburg and Rostov-on-Don, was named among Russia’s leading law firms and took positions in the federal rankings
FAS proposes to reduce the value of banks' assets to control transactions
In case of exceeding the value of assets, it`s required to obtain the prior consent of the antimonopoly authority for transactions and other actions provided for in articles 27 and 29 of the Federal Law "On Protection of Competition".
The Ministry of Economic Development of the Russian Federation proposed to issue a residence permit for investment
The Ministry of Economic Development of the Russian Federation plans to grant a residence permit to foreign citizens who are investing in Russian business. This bill is aimed at simplifying the stay of investors in the country.
GRATA International assisted in preparation of the EBRD Transition Report
GRATA International assisted European Bank for Reconstruction and Development in preparation of the EBRD Transition Report on the legal and regulatory framework of state-owned companies across the EBRD regions.
UzAuto Motors is planning to issue Eurobonds for USD 300 million
According to the information published on the Unified Portal of Corporate Information, UzAuto Motors is planning to issue Eurobonds in the amount of USD 300 million in 2021 with a maturity of 5-7 years. It is noted that UzAuto Motors will place Eurobonds on the London stock exchange.
National Venture Fund is being created in Uzbekistan
On November 3, 2020, the Cabinet of Ministers adopted a Resolution “On measures to organize the activities of the National Venture Fund “UzVC”” No.ПКМ-684.
Fitch Ratings assigned “BB- (EXP)” rating to debut Eurobonds of Ipoteka-Bank
Fitch Ratings has assigned an expected Long-term rating of 'BB- (EXP)' to the upcoming issue of Ipoteka-Bank's senior unsecured US dollar-denominated Eurobonds.
Licensing procedure for credit bureaus changed in Uzbekistan
The Resolution of the Board of the Central Bank, registered under No.3042-2 dated November 6, 2020 amended the Regulation “On the procedure for registration and licensing of credit bureaus” (the “Regulation”).