A unique reorganization will improve access to financial services in Tajikistan!
Khujand, Tajikistan, October 3rd, 2019 – The financial institutions LLC MDO “Arvand” and CJSC “AccessBank Tajikistan” have achieved an important milestone in the transformation process into CJSC Bank “Arvand”.
On September 30, 2019 the Chairperson of the National Bank of Tajikistan, Jamshed Nurmahmadzoda, has officially handed over the Banking License to the Chairperson of CJSC Bank “Arvand”, Sodiqova Shoira Muzafarovna. This moment marks the completion of the most important milestone in the merger process of two financial institutions and their reorganization into CJSC Bank “Arvand”. The new bank combines the strengths of LLC MDO “Arvand” as one of the leading microfinance organizations in the country with the benefits of CJSC “AccessBank Tajikistan” as fully-fledged commercial bank servicing micro- and small enterprises based on European standards.
The priority of CJSC Bank “Arvand” is the focus on customer needs through offering a full range of responsible and appropriate financial services based on the deep-rooted corporate values of transparency, professional competence and responsibility of both former institutions. The new Bank will maintain the highest corporate governance standards to ensure financial and operational sustainability. It will continue to apply customer protection principles and best international microfinance practices to contribute to responsible economic development in the country.
«The financial services industry has developed significantly over the last years: financial institutions strive towards more transparent operational activities, better risk management and better quality client servicing, - says Mrs. Sodiqova M. Shoira, the acting Chairperson of the Management Board of CJSC Bank “Arvand” – our priority as of today is to ensure highly efficient activities while maintraining our competitive edge. Retail customers and entrepreneurs in urban as well as rural areas will benefit from the combined powers of two strong organizations, and enjoy the enlarged product range, including remote banking services, as well as intensified customer care by the increased work force.»
Mr. Jamshed Nurmahmadzoda, the Chairperson of the National Bank of Tajikistan, emphasized the complexity and importance of this reorganization. The new reuslting Bank facilitates the expansion of economic activities, increases access to financial services and ensures qualitative customer services.
The value of this reorganization lies in the realization of synergies and new strategic opportunities, as now assets, procedures, brands and the best specialists are unified under the same roof, which increases the refinancing potential and access to additional sources of capital. CJSC Bank “Arvand” continues to focus its efforts on implementing the mission - Provision of appropriate financial services of high quality to entrepreneurs with the purpose of stimulating the economic and social growth of Tajikistan.
Information on LLC MDO “Arvand”
Limited Liability Company Microcredit Deposit - taking Organization "Arvand" has been providing financial services since 2002, including loans, deposits, settlement and cash services, money transfers, currency exchange, and a number of non-financial services to entrepreneurs and citizens of Tajikistan, through almost 70 offices in the country. At the time of reorganization, the organization's outstanding loan portfolio in the amount of about 350 mln TJS was allocated for the development of the business and improvement of the life's activity of almost 40,000 customers, of which 73% are residents of rural regions. Over 30,000 depositors placed savings of nearly 80 mln TJS. About 400,000 money transfer transactions were serviced this year.
For more detail information please visit: www.arvand.tj
Information on CJSC AccessBank Tajikistan
Closed Joint-Stock Company AccessBank Tajikistan was officially opened in April 2010. The Bank promoted private sector development, investment inflows, poverty reduction and job creation through the provision of appropriate financial services.
Until 31 August 2019, ABT disbursed over 44,000 loans to micro and small enterprises for a total amount of approx. 1.2 bln TJS, attracted and repaid foreign financial investments of around USD 50 mln and educated over 1,000 young professionals in delivery of responsible financial services according to international standards. AccessBank Tajikistan was principally owned by Access Microfinance Holding AG (AccessHolding), Germany, which operates a global network of microfinance institutions.
Access Microfinance Holding AG was established in 2006 in Berlin, Germany, by a group of international investors from the public and private sectors. AccessHolding is a strategic investor and active manager of the financial institutions in its network, which is currently comprised of 8 institutions across Sub-Saharan Africa, Eurasia and South America. Across the AccessGroup Total Assets exceed 500 million EUR and number of staff worldwide stands at over 6,700.
More details about AccessHolding are at: www.accessholding.com