Azerbaijan, Baku, Feb. 23 / Trend A. Badalova /
FINCA Azerbaijan non-bank credit organization hopes to complete the process of transforming into a bank during 2013, FINCA Azerbaijan Chief Executive Officer Manish Sane said at a press conference on Wednesday.
"We do not want to delay the plans for next year and plan to reach our goal this year," he said.
FINCA Azerbaijan has been negotiating with the Azerbaijani Central Bank (CBA) for several years.
"The Central Bank has its own policy of licensing the banking activity, so we will look for alternative ways to achieve our goals," he added.
He stressed that the shareholders may be changed after transforming into a bank.
"According to the CBA requirements, the bank must have at least three shareholders," he said. "Therefore, besides FINCA Holding, other shareholders will join the bank after transformation."
He said earlier that FINCA Azerbaijan is interested in the share of international financial institutions such as the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) in the capital of the future bank.
"These organizations are already participating in FINCA Holding's capital and we hope to continue cooperating with these financial institutions after transformation," he said.
At present, the credit organization attracts borrowing from the EBRD, IFC, private investment funds.
FINCA Azerbaijan is one of the leading non-bank credit organisations in the country and was established in 1998 with support from the U.S. Agency for International Development (USAID). It is part of the FINCA International microfinance structure, operating in 22 countries.
FINCA Azerbaijan has 30 branches and 34 sub-branches providing clients with a range of financial products and services including Rural Group Loan, Solidarity Group Loan, Individual Express Loan, Small and Medium Entrepreneur's Loan, as well as Individual Agricultural Loans.