DUSHANBE, July 18, 2008, Asia-Plus — Russia’s VTB Group plans to spend over US$30 million on acquisitions in Tajikistan and Moldova, Gazeta.ru reported on July 16, referring to RIA Novosti.
In mid-June, the VTB deputy chairman Vladimir Titov said that the VTB plans to buy banks in Tajikistan and Moldova. According to him, the Russian Bank asked central banks of the countries for a permission to do this. The bank did not tell the names of the banks it intends to buy; however, the bank told that it would like to buy 100% of shares. Titov noted that the Russian VTB is going to wait for an answer for two months.
VTB Group is the first international financial group of Russian origin representing Russia in global markets and providing professional financial services. Investment Business, VTB Group, has offices in Moscow, London and Singapore. It focuses on arranging operations in the debt and equity markets, advising clients about M&A deals in Russia and abroad, and developing private investment, as well as operations on the global commodities markets and asset management.
According to RIA Novosti, Russia”s state-controlled VTB Group’s unaudited net profit calculated to International Financial Reporting Standards fell 47.8%, year-on-year, in January-March this year to $121 million. VTB Bank, Russia”s second largest in terms of assets, and its subsidiaries comprise the VTB Group, which provides banking services and products in Russia, former Soviet republics, Western Europe, Asia and Africa. The group”s assets grew 7.23% over the report period to $99.3 billion.
In the meantime, the deputy head of the National Bank of Tajikistan (NBT), Jamshed Yusupov, told Asia-Plus that VTB Group applied to Tajik central bank in October 2007 for permission to open its affiliate in Tajikistan. “We have informed VTB Group of procedure and rules of opening of branches of foreign banks in Tajikistan,” said Yusupov, “To date, we have not received any other proposals or applications from this bank.” The NBT official noted that banks of Pakistan, China, Kazakhstan and Germany as well as individuals from Switzerland had applied to the NBT for permission to open their affiliates in Tajikistan.
We will recall that President Emomali Rahmon announced during an address to parliament on April 30, 2007 that Tajikistan opens its banking sector for foreign banks and all banks can freely enter and operate in Tajikistan. Several foreign banks have already signaled interest in working in Tajikistan.
In 2008, Tajik central bank granted operating license to closed joint-stock company (CJSC) Kazkommerzbank-Tajikistan, which is an affiliate of Kazakhstan’s joint-stock company (JSC) Kazkommerzbank in Tajikistan.
