Turkiston Bank has been officially declared bankrupt.

On February 15, the Tashkent Inter-District Economic Court ruled that the private joint-stock bank "Turkiston" is bankrupt, as reported by the press service of the Central Bank.

The bank's liquidation commission has also ceased its operations. By the court's decision, A. Keldiev has been appointed as the liquidation manager.

Earlier, on October 7 of last year, the Central Bank revoked the licenses of two private banks: "Turkiston" and Hi-Tech Bank. On the same day, the liquidation process for the credit institutions began. At the end of October, the head of the Central Bank, Mamarizo Nurmuratov, stated that the return of funds to the banks' depositors would start within two months. According to him, this involved an amount of 373 billion sums from the two banks.

However, at the end of December, Hi-Tech Bank appealed to the court demanding to invalidate the Central Bank of Uzbekistan's decision to revoke its license, which initiated the bank's liquidation process.

The private joint-stock commercial bank "Turkiston" was established in 1998. Initially, the bank was created to provide services to transport agencies, but later expanded its operations to become a universal bank. Within 10 months, it ranked 26th in the banking system of Uzbekistan by asset volume.