Georgian Bank Purchases Credit Organization in Azerbaijan:

Business Materials 11 December 2007 16:02 (UTC +04:00)
Georgian Bank Purchases Credit Organization in   Azerbaijan:

Georgia, Tbilisi / corr Trend N.Kirtzkhalia / The Georgian bank TBC is branching out in the region. Mamuka Khazaradze, the chairman of the Observation Board, said to a news conference on 11 December that TBC acquired 75% of shares of the Azerbaijani non-bank credit organization SOA-Credit and will launch its intensive development the beginning of next year.

This institute is a daughter company of Shore bank, founded in Chicago. The bank is keen on regional development along with the successes achieved within the country. Azerbaijan was elected as one of fiscal markets of Georgia's strategic partner, which is characterized with a tendency of stable increases.

TBC intends to make SOA-Credit a powerful financial institute which can offer clients a range of bank services. The investments in fiscal market of Azerbaijan are the first step in the way of international development of the bank network and respectively, the first step in the regional development.

"TBC functions in line with the economic integration of the two countries. It is important that Shore bank with experience in technical assistance in financial institutions in Europe and Asian countries is a guarantee for the future success of our cooperation," Khazaradze said.

He noted that the experience gained in Azerbaijan will be used by the banks for investing in fiscal markets of other CIS countries.