Azerbaijani SOA Credit to Extends List of Co-founders

Business Materials 14 August 2007 13:14 (UTC +04:00)

Azerbaijan, Baku / Trend corr I. Khalilova / The non-bank credit organization of SOA Credit (named Shore Overseas Azerbaijan before 2006) is completing negotiations to attract a new co-founder, according to the organization. For the time being Shorebank International (international consulting company) which is part of the American Shorebank group is the 100% founder of SOA Credit.

Changes in the founder staff of SOA Credit are expected to take place within 2-3 months. "One more founder is expected for now, though another two investors have shown interest and negotiations with them have begun," a source at the SOA Credit said. An extension of the investor SOA Credit list will take place depending upon the plans to convert from a non-bank credit organization into a bank. SOA Credit has not yet applied to the National Bank of Azerbaijan in this connection.

The authorized capital of SOA Credit makes up $2.5mln. It was formed at the expense of the grant from the United States Agency for International Development (USAID), which was allocated at the initial activities stage of Shore Overseas Azerbaijan. It is believed that after a new co-founder joins the organization and additional funds are added to the authorized capital, the correlation between the capital and the credit portfolio of SOA Credit will increase five times. For today the correlation is $2.5mln (authorized capital) to $8.2mln (credit portfolio).