DUSHANBE, May 2, 2009, Asia-Plus — The National Bank of Tajikistan (NBT) has issued a permit for opening of a representative office of Russia’s open joint-stock company (OJSC), Rosselkhozbank (Russian Agricultural Bank or RAB) in Dushanbe.
The NBT press service reported on April 30 that an appropriate resolution permitting opening of Rosselkhobank’s office in Dushanbe was issued on April 27.
Press release issued by Rosselkhozbank says that its Dushanbe office is dedicated to contribute to the successful implementation of the Federal Agribusiness Development Program designed for 2008-2012 and to promote further expansion of cooperation between Russian and Tajikistan.
RAB’s office in Dushanbe will provide the Bank’s clients with new business opportunities both in the areas of banking and agribusiness operations, ensure access to Tajik economic and business information, and will enable to expand RAB’s client base and increase trade finance transactions in the region.
Russian Agricultural Bank is 100% state-owned bank regulated by the Central Bank of Russia. RAB is one of the leading financial institutions providing lending support to Russian agribusiness.
RAB is an agent of the Russian Government for providing financial services to agribusiness in Russia. It is the only state-owned bank in Russia exclusively focused on providing services to the agribusiness and rural population, which makes up 25% of the total population of Russia. RAB’s credit policy stipulates that at least 70% of the loan portfolio is devoted to agribusiness.
Today Russian Agricultural Bank’s network of 78 regional branches and about 1414 additional offices covers the whole territory of the Russian Federation and is the second largest regional branch network in the country.
Russian Agricultural Bank provides banking services nationwide to over one million clients. The Russian Government has provided RAB with 11 capital increases to date – the latest of which totaling 31.495 billion Russian rubles in August 2008.
In 2008 RAB achieved substantial financial results; its authorized capital amounted to 2 billion US dollars, total capital – to $3.8 billion, total assets to $56.6 billion.
