In extraordinary meeting on 17 November 2011, shareholders of RBS O'zbekiston MB approved transfer of ordinary shares of the bank at the amount of 1,759,740 shares in favour of KDB in line with the terms of the purchase agreement. Total number of shares, issued by RBS O'zbekiston MB, makes up 2,136,900 units.

Shareholders of RBS O'zbekiston MB entrusted the board of the bank to carry out necessary measures for inclusion of KDB to list of the shareholders.

As reported earlier, The Royal Bank of Scotland N.V., a subsidiary undertaking of The Royal Bank of Scotland Group plc, has reached agreement for the sale of its 82.35% holding in RBS NB Uzbekistan CJSC to Korea Development Bank (KDB).

The sum of deal is not disclosed. But KDB says it paid around book value in a deal that creates the largest foreign-owned bank in Uzbekistan. KDB plans to merge RBS Uzbekistan with its existing Uzbek unit - UzKDB Bank.

During the meeting, shareholders also elected members of the Bank’s Board. According to the decision of shareholders, Yong Kyu Kwak (transliterated) has been elected as the chairperson of the board of the bank.

Young Soo Kim, Jong Young Oh (transliterated) and Komiljon Urinbaev have been elected as deputy chairperson of the Bank’s Board. They will assume their offices after the completion of the deal.