...

Term to Sign Agreement on Joining Georgian Bank to Azerbaijani SOA Credit Set

Business Materials 25 January 2008 16:19 (UTC +04:00)

Azerbaijan, Baku, 25 January / Trend corr. I.Khalilova / The sign of the agreement on purchase of 75% share in the SOA Credit (earlier called Shore Overseas Azerbaijan) non-bank credit organization by the Georgian TBC Bank is expected on 14 February, Ajar Aliyev, the Deputy Chairman of the organization, stated. The Georgian bank has paid $7.5mln for stocks.

As a result the authorized capital of SOA Credit increased to $10mln. The authorized capital of the credit organization is $2.5mln. The authorized capital of the organization formed at the expense of grants of the United States Agency on International Development.

Presently, the 100% founder of SOA Credit is the international consultative firm Shorebank International.

According to Aliyev, the business-plan of development of credit organization has been discussed with the new shareholder. TBC Bank intends to turn SOA Credit to the powerful financial institute, which will render a wide of bank services to its clients.

The key attention will be focused on development of consumer crediting and mortgage financing, as well as expansion of SOA Credit networks in Baku.

According to SOA Credit deputy chairman, the company has not discussed transformation of non-bank credit organization to bank with TBC Bank.

SOA Credit's assets like credit portfolio formed on the level of $10.5mln

Latest

Latest