Azeri banking system has risks & opportunities, manager of IFC
The strategy of the further activities of the International Finance Corp (IFC) in Azerbaijan is to support and strengthen banking sector, as well as different financial institutes, Martin Kimming, the regional manager of IFC on financial sector in the Central Asia and Eastern Europe, told Trend. According to Kimming, IFC intends to render technical support to mortgage and leasing spheres.
At present IFC has 5 clients in Azerbaijan (Azerigasbank, Rabitabank, UniBank, Kochbank-Azerbaijan and Azerbaijani Micro-Financing Bank). According to Kimming, the goal of the visit is to meet with every partner of IFC personally.
IFC plans expansion of its activities in the country and I know that the banking sector in Azerbaijan has both great risks and great opportunities. IFC gives preference to the work with young banks. The corporation plans to work with them in different directions such as corporative government, participation in share capital, micro-financing and mortgage, the regional manager stressed.
IFC holds share of Kochbank and Azerbaijani Micro-Financing Bank (AMFB), as well as cooperates with other banks in financing of small and middle-seize entrepreneurship and leasing. Besides, IFC allocated loan line for AMFB.
He did not publicize the further plans on investment into Azerbaijani banks. The banks have great opportunities, including, for consolidation, as there are many small banks in the country. IFC can invest funds in share capital of banks as well, the guest underlined.