Awards for Excellence 2009: Uzbekistan
Best Bank: RBS Uzbekistan
When RBS bought ABN Amro it’s doubtful that chief executive Sir Fred Goodwin gave much thought to the Dutch bank’s Uzbek outpost. But while Goodwin has gone and RBS has been nearly destroyed by the Dutch acquisition, the Uzbek unit goes from strength to strength.
RBS Uzbekistan is a universal commercial bank, whose assets have grown 100% during the past 12 months, total operating income by 57.6% and net income before tax by 162.8%. The bank is also well capitalized, with a capital adequacy ratio of 24.3%, a return on equity of 60.2% and a cost-to-income ratio of 43.9%.