In a report released at a news conference in Dushanbe, the head of the State Committee on Investment and State-owned Property Management (GosKomInvest), Sulton Rahimzoda, revealed that 37 assets of two troubled lending agencies — Tojiksodirotbonk (TSB) and Agroinvestbonk – have been auctioned for a total 99.4 million somonis to date.
Besides, 30 other assets of these two banks worth totaling 249 million somonis have been transferred to the balance sheets of other bodies, Rahimzoda said, noting that a total amount received from sale and transfer of assets of these banks to other bodies is 348.4 million somonis.
“As far as Agroinvestbonk is concerned, 24 assets of this bank have been auctioned for 53 million somonis and 193.5 million somonis worth of 23 other assets have been transferred to the balance sheets of other bodies,” said Rahimzoda. “To-date, 13 assets of TSB have been auctioned for 46.4 million somonis and 55.5 million somonis worth of 7 other assets of this bank have been transferred to the balance sheets of other bodies.”
ИЗОБРАЖЕНИЕ GosKomInvest gives news conference; photo / Asia-Plus
He further added that a total of 152 assets of Agroinvestbonk and TSB totaling 2.621.5 billion somonis have not yet been auctioned or transferred to the balance sheets of other bodies.
Recall, the process of liquidation of TSB and Agroinvestbonk, one the largest commercial banks of Tajikistan, in June 2021.
The National Bank of Tajikistan (NBT) said at the time that according to the preliminary data as of April 30, 2021, the balance sheet commitments of Agroinvestbonk have amounted to 1.380.4 billion somonis, while total assets (gross) of this lending agency were estimated at 1.826.9 billion somonis.
The balance sheet commitments of Tojiksodirotbonk (TSB) for the same period reportedly amounted to 1.263.7 billion somonis, while total assets (gross) of the bank were estimated at 3.922.2 billion somonis, according to the country’s financial regulator.
Recall, TSB and Agroinvestbonk have been experiencing financial problems since the beginning of 2016, and therefore failed to fully meet their obligations to customers.
In 2017, the government provided financial assistance to these banks. Tojiksodirotbonk received 2 billion 250 million somonis, and Agroinvestbonk – 1 billion 70 million somonis.
The NBT revoked their operating licenses on May 21, 2021. The financial regulator said in a statement on May 21 that TSB and Agroinvestbonk have been wound down because restructuring and recapitalization efforts did nothing to improve their financial situation.
The financial regulator noted at the time that the Individuals Deposits Insurance Fund will refund savings in the amount of up to 30,000 somonis in the national currency and up to 21,000 somonis in the foreign currency.
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 Tojiksodirotbonk, or TSB.
Headquartered in Dushanbe, TSB has 11 branches in the main cities of Tajikistan and covers all regions of the country.
The government now owns 85.9 percent of the shares in Tojiksodirotbonk. Before that, 58.89 percent of TSB’s shares had been owned by Closed Joint-Stock Company (CJSC) Evraziya (Eurasia), 11.65 percent by Melodiyon LTD, 10.99 percent by Ehson LTD, 7.38 percent by Media Plyus (Plus) LTD and 1.11 percent by Vostok LTD.
As of May 1, 2018, assets on TSB’s books reportedly include the bank headquarters in Dushanbe, 43 branches across the country, Closed Joint Stock Company (CJSC) Dushanbe Mall (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.
Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, is now 87.3 percent government-owned as a result of the bailout program. It has main branches in Khorog, Khujand, Kulob and Bokhtar and more than 60 other branches across the republic. In 2012, the government made a decision on recapitalization of Agroinvestbonk and injected 700 million somonis in the bank. 200 million somonis went to replenishing the bank authorized capital stock and 500 million somonis were assigned for the swap.
The government now owns 87.3 percent stake in Agroinvestbonk.
According to data released by the government, the list of Agroinvestbonk’s assets includes more than 730 objects located in different regions of the country. Among them are the main office of the bank, 60 buildings of its branches, and five service centers. Also, this bank owns recreation areas in the Varzob gorge, various small production facilities, farms, warehouses, gas stations and car services, shopping centers. The list also includes shops, pharmacies, cafes, consumer services centers, numerous apartments and residential buildings.
As these two major banks have undergone liquidation, new players appeared in the country’s financial market, including Kommertsbank Tajikistan and International Bank of Tajikistan. Some source say the background of these players indicated that they enjoyed a considerable advantage in the form of political patronage.
