DUSHANBE, July 23, 2008, Asia-Plus — Open joint-stock company (OJSC) Tojiksodirotbonk (TSB), one Tajikistan’s largest banks, intends to open its offices and branches in Russia, Belarus, and Iran in the second-half year.
Such a decision was made at an extraordinary general meeting of TSB’s shareholders that was held in Dushanbe at the end of last week.
According to information posted on the bank’s official website, the decision was made to promote expansion of bank’s operations to other countries.
The bank, in particular, intends to open its representative office in Minsk, Belarus, an affiliate in Moscow, Russia, and a branch in Iran’s free economic (FEZ) Kishm.
Inside the country, the bank plans to open its branches in the city of Roghun and the districts of Zafarobod, Ayni, Mastchoh, Shahritus, Jomi, Vanj and Rushan.
The shareholders’ meeting also endorsed a report by international audit, Deloitte&Tuche, on the results of TSB’s activity in 2007.
The bank’s clear profit for January-June 2008 stood at more than 12.24 million somonis (equivalent to more than $3.57 million).
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 now has 10 branches in the main cities of Tajikistan and covering all regions of the country. Its clients include the biggest Tajik trading companies, other enterprises, entrepreneurs, and some of the embassies and diplomatic organizations based in Dushanbe.
