Azerbaijani non-banking credit organization abandons plans on transformation into bank
Azerbaijan, Baku, April 14 / Trend, A.Hasanov /
СredАqro non-banking credit organization has no plans to be transformed into a bank and sell shares to the European Bank for Reconstruction and Development (EBRD), the organization told Trend on Saturday.
In 2009 СredАqro was supposed to begin the process of transformation into a bank and conducted appropriate consultations with the Central Bank of Azerbaijan and foreign investors, in particular with the EBRD.
At persent, СredАqro loan portfolio amounts to 19.588 million manat, while leasing portfolio - 84,000 manat.
СredAqro was established in 2000 by the organization ACDI/VOCA as a limited liability credit institution, and received a license from the Central Bank of Azerbaijan in the same year.
Currently, СredАqro has a network of 14 branches and 8 offices in the cities of Baku, Sumgayit, Khachmaz, Guba, Ismayilli, Goychay, Gabala, Sheki, Zagatala, Gakh, Balakan, Barda, Mingachevir, Ganja, Tovuz, Agstafa, Gazakh, Bilasuvar , Jalilabad, Masalli and Lankaran.
The official exchange rate is 0.7860 manat to $1 on April 14.