Another Azerbaijani non-bank loan organization to be transformed into bank
Azerbaijan, Baku, July 10 / Trend I. Khalilova /
Non-bank loan organization Finka Azerbaijan negotiates with foreign investors to draw them to be share holders of the bank created on its basis, Finka Azerbaijan operation manager Kamran Abdullayev said on July 10.
"These talks must be completed by late 2009 upon plans of our head office. We intend to apply for the Azerbaijani Central Bank to get general license for banking activity after staff of share holders of the new bank is determined," Abdullayev said.
Presently, Finka International is the international organization and full founder of Finka Azerbaijan.
Roughly 24 branches of Finka Azerbaijan operate all over Azerbaijan. They cover all regions of Azerbaijan as one branch consolidates activity of 3-4 regions. Presently, loan portfolio of active clients of Finka Azerbaijan exceeds 82,000 given loan portfolio of more than $66 million. It plans to bring clients' base to 100,000 by late 2009.
FINCA Azerbaijan is one of leading non-bank loan organizations established under USAID in 1998. It is part of micro financial structure of Finka International operating in 22 world countries.
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