Open Join-Stock Company (OJSC) Agroinvestbonk has reduced its staff by 1,520 people in order to improve its financial situation. Only 524 people now work for the bank.
In January this year, the Ministry of Finance, the National Bank of Tajikistan (NBT) and Agroinvestbonk signed the plan of actions of recovery strategy for Agroinvestbonk designed for 2017-2019.
The document, in particular, provides for reduction of expenses, including redundancy, reduction of expenses on the network of the bank branches, etc.
Since the beginning of this year, 103 banking service centers, five branches and one transaction of Agroinvestbonk have been shut down.
Over the report period the bank has reported reduced its staff by 1,520 people and only 524 people now work for the bank.
Agroinvestbonk now offers services on exchanging currencies, transferring money, keeping deposits, and keeping valuable items in safe-deposit boxes. The bank also carries out transactions on repaying loans and paying off deposits.
Currently, customers can withdraw from their accounts not more than 500 somoni per day.
As of October 1, Agroinvestbonk’s assets are estimated at 1.835 billion somoni. According to official data, the list of assets of Agroinvestbonk includes more than 730 properties located in various regions of the country, including the bank headquarters in Dushanbe, main branches in Khorog, Khujand, Kulob and Qurghon Teppa, 60 other branches across the country and five service centers. Besides, the bank possesses resort zones in Varzob district, small enterprises, farming units, shopping centers, shops, cafes, drugstores, refueling stations, service stations, warehouses, consumer service centers, and many apartments and residential buildings.
The Agroinvestbonk balance capital reportedly amounts to 157 million somoni and its loan and deposit portfolios now amount to 1.171 billion somoni and 1.148 billion somoni respectively.
Recall, parliament in December 2016 approved a government decree to issue bonds worth 3.85 billion somoni to recapitalize four distressed banks, including Agroinvestbonk. Agroinvestbonk has reportedly received 1.7 billion somoni.
Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and more than 60 other branches across the republic.
Agroinvestbonk is one of the leading providers of finance to micro, small and medium-sized enterprises and the agricultural sector in Tajikistan. Through its substantial rural network it reaches out beyond the capital Dushanbe, to areas where access to finance remains difficult for private entrepreneurs.
The government now owes 52 percent of shares and the remainder is owed by initial founders, whose share decreased after the recapitalization.
The European Bank for Reconstruction and Development (EBRD) in August 2009 acquired a stake of 25 percent + 1 share in Agroinvestbonk for up to 50 million somoni in order to strengthen the capital base of Agroinvestbonk and support its growth and further development.
In 2012, the government made a decision on recapitalization of Agroinvestbonk and injected 700 million somoni in the bank. 200 million somoni went to replenishing the bank authorized capital stock and 500 million somoni were assigned for the swap.
Murodali Alimardon, who had previously served as Deputy Prime Minister, was appointed to head Agroinvestbonk on April 1, 2015, replacing Suyunkhon Rustamov.
