DUSHANBE, July 5, Asia-Plus — Open joint-stock company Bank Eskhata, one of Tajikistan’s commercial banks, has opened its corresponding account in CitiBank Group (USA).

Masrourkhon Eshonov, leading economist with department for work with financial institutions and documentary transactions of Bank Eskhata, said that the opening of the corresponding account is a result of long negotiations between Bank Eskhata and CitiBank Group.

“In the course of the negotiations Bank Eskhata has submitted to its American partner all information about the bank’s activity and its structure,” said Eshonov.  “Representative from CitiBank Group hailed an efficient system of fight against money laundry, risk management system functioning in Bank Eskhata and transparency of its activity.”  

According to him, opening of the corresponding account in CitiBank Group will allow optimizing money transfer transactions.  

Established in November 1993, a privately owned Eskhata Bank, with headquarters in Khujand, has eight branches in various regions of the country.  The bank got operating license in 1994.  In December 2005, European Bank for Reconstruction and Development (EBRD) took equity in Eskhata Bank that allowed Eskhata to continue to comply with the National Bank of Tajikistan’s minimum capital requirements, which have been revised upwards to $5 million.  As of May 1 2007, a regulative capital of Eskhata Bank has amounted to 23.1 million somonis.