DUSHANBE, October 29, 2008, Asia-Plus  -- Open joint-stock company (OJSC), Tojiksodirotbonk (TSB), has received the principal member status in the VISA International payment system. 

According to TSB’s head office in Dushanbe, the decision to raise the bank’s status was made at a recent board meeting of VISA INTERNATIONAL CEMEA in London.

The higher status will enable the bank to offer clients the full spectrum of card products and services and independently handle settlements with the payment system.  After the certification of the in-house processing center, TSB will be able to act as a sponsor bank and offer services to other VISA INTERNATIONAL member banks, the source said.  

TSB was established in December 1990 as the Tajik branch of the Vnesh Econom Bank of the former Soviet Union, and it initially specialized in trade and import-export banking.  Later this branch was reorganized into a Joint-Stock Commercial Bank “Tajikvnesheconombank”.  In June 1999 the bank was renamed and registered as Tojiksodirotbonk or TSB.

Headquartered in Dushanbe, TSB has 11 branches in the main cities of Tajikistan and covering all regions of the country. Its clients include the biggest Tajik trading companies, other enterprises, entrepreneurs, and some of the embassies and diplomatic organizations based in Dushanbe.