Uzbek laws provide general restrictions in respect of the use of the word “bank”. Only Uzbek legal entities that hold banking licence issued by the Central Bank of Uzbekistan are allowed to use the word “bank” in their official names. Therefore, regardless of the actual nature of the business the legal entity, the word bank may be only used by a legal entity carrying out banking activity. Apart from banking activity, such legal entity may also carry out certain non-banking activities that are specified in its banking licence (asset management, non deposit taking institution). Also, any public advertisement of services relating to money-taking business in Uzbekistan or any advertisement of a company providing such services may be made in Uzbekistan provided that the relevant licence was issued to this legal entity by the relevant Uzbek agency. We believe that the above restrictions may be avoided if the legal name and status of the underlying legal entity is included elsewhere on the communication, for example in the footnote.
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