Thank you for your contribution to the development of the Bank
07.11.2023

Thank you for your contribution to the development of the Bank

Bank Eskhata would like to extend its gratitude and appreciation to its non-executive Board directors Firouza Iskhakova, Khurshid Zainutdinov and Ashot Osipyan for their dedication and commitment to further progress and the achieved milestones of Eskhata over the past five years. 

The Supervisory Board mandate of the abovementioned independent directors concluded this September. However the significant contribution of these professionals has been a vital driver in Bank Eskhata’s  transformation and transition to future advancement and growth. 

We would like to separately highlight the contributions of each director while serving on the Supervisory Board:

Firouza Iskhakova –  is a development banking and corporate governance professional, she was the first female Chair of a supervisory board in the banking sector of Tajikistan. While on the Bank’s Supervisory Board, she led and managed those changes in the corporate culture, laying the foundation for effective corporate governance principles. Firouza has key in defining the new mission and corporate values of Eskhata and the one to initiate ESG project of the Bank. Firouza is an established, objective and an inspiring  leader!

Ashot Osipyan – is a seasoned international banker, an expert in corporate governance, strategy and risk management, and an outstanding mentor. Thanks to Ashot’s guidance a functional compliance risk system was developed and further strengthened in the Bank resulting in full compliance with the country’s AML/FATF policies and regulations.  Mr Osipyan was central in defining new business strategy and digital transformation of the Bank.  He was one of the vital member in accepting new corporate values of Eskhata, is an amazing coach and a role model!
  
Khurshid Zainutdinov – is renowned an expert in risk management and finance, internal audit and the HR management. «Acclaimed risk manager», «Most Considerate and Equitable Director», «Most Caring member of the BoardСамый» - these are the bynames of Khurshid outside of the boardroom. Mr Zainutdinov, as one of the independent Board member, led significant transformation projects in human resource and risk management further strengthening those areas to comply with the international best practices. Khurshid is an exemplar person and acclaimed professional!

We recognise and appreciate the professionalism, the commitment and devotion of Firouza, Ashot and Khurshid who worked alongside our other Board directors in close collaboration with the Executive Management and the shareholders of the Bank. Such dedication and join efforts of this broader team – Supervisory Board, the Executive Management and the Shareholders - over the past five years allowed Eskhata to achieve impressive results not only in adapting best practice corporate governance system and establishing good rapport with the banking regulator, but also in managing improve outreach and communication with its clients and partners, while further reinforcing Eskhata’s financial positions within the country's banking sector and strengthening the depositors’ confidence.

It is impossible not to mention the invaluable work done by this team in all areas of the Bank’s activities. Below are number of those crucial transformation projects initiated by these highly qualified and seasoned bankers, which we would like to outline: 

- defining and setting the corporate values and the mission of the Bank – “Together We  Prosper!”;
- establishment of the ESG Unit and development of the now-approved ESG strategy and goals of the Bank, leading Eskhata to become the first financial institution of Tajikistan in issuing first ESG/green bond in the country;
- initiation of the independent expert assessment of the preceding HR management system with the achieved aim of adapting fair and transparent grading system supporting the career path development of every Bank’s staff;
- assurance of the internal audit independence and further strengthening of its role  through the implemented risk-based audit approach;
- initiation of the independent expert assessment of the compliance risk systems of the Bank at establishment of the Compliance Risk Department with direct reporting to the Supervisory Board of the Bank; 
- initiation of the independent evaluation of the Supervisory Board activities. This was the first evaluation of a Tajik financial institution, which was conducted by one of the esteemed international financial institution;
- launch the discussion and further development of the Bank’s new business strategy with digital transformation and fintech at its core. 

Bank Eskhata looks forward to new potential cooperation and collaboration with the aforementioned independent Board Directors. We strongly believe that any future cooperation with you will be valuable and helpful for both Bank Eskhata and the banking sector of the country. 

Dear Firouza, Khurshid and Ashot, 
Best, Prosperous and Successful future ahead! 

Yours,
Eskhata Bank



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