FINCA Azerbaijan not planning to appeal for banking license
Baku, Azerbaijan, Oct. 20
By Azad Hasanli – Trend:
FINCA Azerbaijan does not plan to appeal to Azerbaijan’s Financial Markets Supervision Chamber to get a banking license, CEO of the non-bank credit organization Timothy Tarrant told Trend Oct. 20.
“Although FINCA’s focus in the Azerbaijani market remains credit only, FINCA strategically would prefer to be able to offer all types of financial products to its clients, including deposit products. That being said, given the situation in the market in 2016, we believe it is not the right time strategically to increase product offerings,” he said.
At the same time, Tarrant expressed his hope that the financial markets will stabilize in Azerbaijan in 2017 and FINCA will continue to evaluate opportunities to expand its operational abilities.
In the last years, FINCA repeatedly held meetings with representatives of the Central Bank of Azerbaijan (which was a regulator of the banking sector prior to the Supervision Chamber’s establishment) to obtain a license for carrying out banking activities.
FINCA Azerbaijan has operated in Azerbaijan since 1998 and it renders services to more than 150,000 clients. Alongside Azerbaijan, FINCA operates in 22 countries in Africa, Eurasia, South America, Middle East and South Asia.
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