Micro Finance Bank of Azerbaijan to Branch Out

Business Materials 8 February 2007 11:55 (UTC +04:00)

On February 6 2007 a new license has been received for opening a new branch of MFBA in Khachmaz city, north Azerbaijan, Trend reports.

Khachmaz Branch is situated at 215 Narimanov Street and will be managed by Kestutis Kravchovas, an LFS consultant and experienced specialist who has passed the certification at the National Bank of Azerbaijan.

MFBA had had seven branches (Central Branch, 20th January, Khalglar Dostlugu, Airport, Azadlig, Elmler Akademiyasi, Sabail) in Baku and four (Sumgait, Ganja, Sheki, Lenkoran) in regions until the new branch was opened . After opening of the new branch, the number of branches has reached 12. The opening of one more branch in the centre of Baku city is being planned now.

The main aim of broadening the branch network is to provide our clients with convenience and to present them a range of European style bank services and products everywhere. The new branch will offer all spectrums of operational services including domestic and fast international money transfers, which are Western Union, Travelex, Privat Money, Bistraya Pochta, Migom, opening of current accounts and service of local and VISA plastic cards, deposits, etc., said the General Manger of MFBA, Dr. Andrew Pospielovsky.

It must be noted that the Micro Finance Bank of Azerbaijan has got the 100% foreign capital and it is owned by five international organisations, including the BSTDB, the European Bank for Reconstruction and Development, the International Finance Corporation, KfW Development Bank and LFS Financial Systems.