Azerbaijan, Baku, Sept. 6 / Trend, E. Aliyev /
Azerbaijani non-banking credit organization FINCA Azerbaijan is ready to increase its authorized capital to the minimum level required for banks, FINCA Azerbaijan director Manish Sane told Trend on Wednesday.
According to the decision of the Azerbaijani Central Bank, the minimum total capital for the banks in the country will be increased from 10 to 50 million manat on January 1, 2014.
According to the regulation rules of non-bank credit institutions, the minimum requirements for the authorized capital of a non-bank credit organization, having the right to take collateral while delivering a loan, has been set at the level of 300,000 manat, while at the level of 30,000 manat for credit organizations without this right.
FINCA Azerbaijan has repeatedly appealed to the Central Bank for a banking license and expects the status to be changed in 2014.
"Today, we can transfer $35 million to increase the authorized capital through the undistributed profit," he said. "At the same time, the amount required to bring the capital to the required level for the banks, will not be significant for us, if this is required in case of changing the company's status from a non-bank credit organization to the bank."
FINCA Azerbaijan has been operating in Azerbaijan since 1998. There are 31 branches and 33 sub-branches of the organization in Baku and regions of the country.