DUSHANBE, November 14, 2008, Asia-Plus — According to some Russian media, Russia’s VTB Group has intended to suspend its acquisition projects in Tajikistan, Uzbekistan and Moldova. Such a decision was made at meeting of VTB Group’s Supervisory Board in Moscow on November 12.
In 2008-2009, the Supervisory Board decided to develop its business in the present regions of presence as well as Kazakhstan and Azerbaijan, which are “countries with high economic potentials.”
As it had been reported earlier, Russia’s VTB Group announced in the summer that plans to spend over US$30 million on acquisitions in Tajikistan and Moldova.
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.
In the meantime, the deputy head of the National Bank of Tajikistan (NBT), Jamshed Yusupov, told Asia-Plus on July 18 2008 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.”
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.
