Open Joint-Stock Company (OJSC) Agroinvestbonk has decided to reduce its staff by 800 people.
The head of Tajik central bank has welcomed this decision of Agroinvestbonk and advised those reduced to seek work in other lending institutions.
In a report released at a news conference in Dushanbe, the head of the National Bank of Tajikistan (NBT), Jamshed Nourmahmadzoda, noted on January 23 that Agroinvestbonk was forced to reduce its staff in order to improve its activities.
“The plan of actions for the Agroinvestbonk recovery strategy, in particular, provides for reduction of expenses, including redundancy,” Tajik central bank head said.
Nourmahmadzoda confirmed that Agroinvestbonk decided to reduce its staff by 800 people. According to him, the bank now has to reduce its “secondary expenses.”
Recall, the government has issued debt securities to bail out four distressed banks, including Agroinvestbonk. The government will provide 3.85 billion somoni in securities for realization to four commercial banks of the country – Agroinvestbonk, Tojik Sodirot Bonk (TSB), Tajprombank (Tajik Joint-Stock Commercial Industrial Bank for Reconstruction and Development), and Fononbank. Agroinvestbonk is expected to receive 1.7 billion somoni.
According to official data, the list of assets of Agroinvestbonk includes more than 730 properties located in various regions of the country, including the bank headquarters in Dushanbe, main branches in Khorog, Khujand, Kulob and Qurghon Teppa, 60 other branches across the country and five service centers. Besides, the bank possesses resort zones in Varzob district, small enterprises, farming units, shopping centers, shops, cafes, drugstores, refueling stations, service stations, warehouses, consumer service centers, and many apartments and residential buildings.
Founded in 1992, Agroinvestbonk, with headquarters in Dushanbe, has main branches in Khorog, Khujand, Kulob and Qurghon Teppa and more than 60 other branches across the republic.
Agroinvestbonk is one of the leading providers of finance to micro, small and medium-sized enterprises and the agricultural sector in Tajikistan. Through its substantial rural network it reaches out beyond the capital Dushanbe, to areas where access to finance remains difficult for private entrepreneurs.
The government now owes 52 percent of shares and the remainder is owed by initial founders, whose share decreased after the recapitalization.
The European Bank for Reconstruction and Development (EBRD) in August 2009 acquired a stake of 25 percent + 1 share in Agroinvestbonk for up to 50 million somoni in order to strengthen the capital base of Agroinvestbonk and support its growth and further development.
In 2012, the government made a decision on recapitalization of Agroinvestbonk and injected 700 million somoni in the bank. 200 million somoni went to replenishing the bank authorized capital stock and 500 million somoni were assigned for the swap.
Murodali Alimardon, who had previously served as Deputy Prime Minister, was appointed to head Agroinvestbonk on April 1, 2015, replacing Suyunkhon Rustamov.
