FINCA prepares banking strategy in Azerbaijan

Baku, Azerbaijan, Nov. 4

By Azad Hasanli - Trend:

FINCA Azerbaijan non-bank credit organization is working out a banking strategy in Azerbaijan as part of the preparation for getting a general license, FINCA country director Timothy Tarrant told Trend Nov. 4.

"We held a meeting with representatives of the Central Bank of Azerbaijan," he said. "We discussed the issue of obtaining a license to deal with banking activity. FINCA operates in many world's countries as a bank and a non-bank credit organization. In Azerbaijan, we act as a non-bank organization. But we would like not only to provide customers with loans but render other financial services."

He said that the opportunities are being examined to expand the activity of the credit institution. At this stage, getting a banking license is FINCA's strategic priority in Azerbaijan.

"Strategically, we would like to get a license," he said. "At present, we must create a structure and prepare a strategy for the activity to be submitted for the Central Bank of Azerbaijan's approval. Of course, the Central Bank has its own strategy of developing the country's banking sector. FINCA also has its own development strategy. I hope that in the future we will find a common ground in this issue and combine both strategies. This will allow us to render customers other services on this market."

FINCA International has been operating in Azerbaijan since 1998. There are 65 branches of the organization in Baku and regions. The company's client base exceeds 150,000 people.

edited by CN

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