We have enough properties to fulfill our obligations, Tojiddin Pirzoda, the top manager of one Tajikistan’s largest commercial banks, Tojik Sodirot Bonk (TSB), has told reported at an enlarged briefing in Dushanbe.
According to him, the government support has been provided to be bank for five-year period. “This year, we must repay 5.0 percent of the support; next year, we must repay 20 percent of the support; and within the next two years we must repay 25 percent of the support per year,” said Pirzoda.
“The government support covers 60 percent of the bank’s obligations, while the remaining 40 percent will be covered through repayment of loans, sale of the bank’s property and attraction of additional investments,” TSB top manager said.
TSB top manager also noted that performances of the bank had improved due to recovery measures.
“As of Jun 30, 2017, TSB’s assets amount to 4.311 billion somoni. As of June 30, 2017, TSB’s reserves amount to 2.54 billion somoni, its share capital amounts to 2.620 billion somoni and its regulative capital amounts to 743.4 million somoni,” Pirzoda said.
Recall, TSB and Agroinvestbonk last year experienced severe problems in providing account-holders with their own savings.
But then on December 21, parliament approved a government decree to issue bonds to recapitalize four distressed banks.
TSB reportedly got 2.25 billion somoni ($285 million at end of 2016 exchange rates) and Agroinvestbonk 1.7 billion somoni ($215 million).
Tajprombank was promised 450 million somoni ($56 million) and Fononbank a relatively meager 80 million somoni ($10 million).
The National Bank of Tajikistan (NBT), however, announced on February 24, that it is pulling the licenses of Tajprombank and Fononbank.
In April, it emerged that the government decided unilaterally to allocate the $66 million it had set aside as bailout funds for Tajprombank and Fononbank to construction work on the Roghun hydropower dam.
Assets on TSB’s books include the bank headquarters in Dushanbe and 43 branches across the country. TSB also owns Closed Joint Stock Company (CJSC) Dushanbe Moll (Tajikistan’s largest shopping mall, which is home to the country's first ever hypermarket to be part of the French Auchan chain), Tajikistan Hotel in Dushanbe, eight nine-story apartment buildings in Danghara district (Khatlon province), spinning mills in Danghara and Farkhor districts (Khatlon province), cotton ginneries in Khatlon province, and auto-repair enterprise.
TSB was established in December 1990 as the Tajik branch of the Vnesh Econom Bank of the former Soviet Union, and it initially specialized in trade and import-export banking. Later this branch was reorganized into a Joint-Stock Commercial Bank “Tajikvnesheconombank”. In June 1999 the bank was renamed and registered as Tojik Sodirot Bonk or TSB.
Headquartered in Dushanbe, TSB has 9 branches in the main cities of Tajikistan and covering all regions of the country.
