Topic: Economy & business
Ashgabat, 3 July 2005 (nCa) --- Turkmenistan decided Friday to merge two of its top banks to create the largest commercial bank of Turkmenistan.
Turkmenbashy Bank would be merged with Turkmenistan Bank and the new entity would be called Turkmenistan Bank.
The decision is partly meant to plug the holes in the banking sector of Turkmenistan and partly to salvage what is left of the ailing Turkmenbashy Bank.
This brings down the total number of commercial banks in Turkmenistan from 12 to 11.
After merger, Turkmenistan Bank would have 41 branches all over the country. Of these, 26 branches belong to the former Turkmenistan Bank and 15 to the Turkmenbashy Bank.
The distribution of branches is: Ashgabat 10, Ahal province 7, Mary province 5, Lebap province 9, Balkan province 8, and Doshoguz province 2.
Although by sheer size Daikhanbank (Peasants’ Bank) is the largest with 50 branches, it is mainly serving the agriculture sector. Turkmenistan Bank is the largest for the trading and business sector.