Saudi Investment Group signed a preliminary agreement to acquire up to 51% of Tajikistan-based OJSC Tojiksodirotbank, the lender said May 14.
This the first agreement reached with foreign partners on investing in Tojiksodirotbank since the launch of a financial recovery program for the lender, and it is expected to stabilize the bank's financial position, according to the statement.
Tojiksodirotbank is one of four Tajik banks experiencing financial problems since 2016, in addition to OJSC Agroinvestbank, Tajprombank and Fononbank, Avesta Information Agency said May 14. In December 2016, the Tajik government decided to provide financial assistance worth about $490 million. Tojiksodirotbank and Agroinvestbank received financial assistance amounting to 2.25 billion Tajik somoni and 1.7 billion somoni, respectively, but the two other lenders went bankrupt and are in the process of liquidation, the news report noted.
As of May 14, US$1 was equivalent to 8.95 Tajik somoni.