OREANDA-NEWS. On December 11, 2007 "Kazkommertsbank" announced that the Justice Ministry of the Republic of Tajikistan has registered a Closed Joint Stock Company “Kazkommertsbank Tajikistan” as a subsidiary of Kazkommertsbank, reported the press-centre of Kazkommertsbank.

Chartered Capital of Kazkommertsbank’s new 100% subsidiary is USD 10 million (34.4 Tajik somoni million). The permit from Agency for Regulation and Supervision of the Financial Market and Financial Organizations for the establishment of the subsidiary was obtained in September 2007.

Kazkommertsbank has submitted all required documents for CJSC “Kazkommertsbank Tajikistan” to obtain a license to perform banking activities and activities on the securities market to the Tajik supervising authorities.

The banking sector of Tajikistan is represented by 8 commercial banks, 1 state-owned bank and 1 foreign bank branch. Banking sector assets in the country are growing at a fast pace with 43% growth in 2006, along with deposit growth of 93% and loan growth of 79%.