In October, shareholders of UzKDB Bank approved plan on preparation on receiving permission of the government, which will allow to complete acquisition of RBS Uzbekistan in the beginning of 2013.

In the result of acquisition of UzKDB and Royal Bank of Scotland Uzbekistan, the largest foreign bank will be formed in the country.

In December 2010, Korea Development Bank (KDB) signed agreement with RBS on purchase of 82.35% of its shares in RBS Uzbekistan. The sum of the deal was not disclosed.

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.

Currently, the charter capital of UzKDB Bank makes up US$12.27 million. KDB holds 61% stake in the bank, European Bank for Reconstruction and Development (EBRD) – 27.8%, National Bank of Uzbekistan for Foreign Economic Activity and Turon Bank own 5.6% shares in the bank each.

Shareholders of RBS Uzbekistan, created in 1996, are KDB (82.35%) and National Bank of Uzbekistan for Foreign Economic Activity and Turon Bank.

After acquisition, the assets of the bank rose 2.5 times to US$670 billion. The bank plans to expand scope and quality of financial services in Uzbekistan.