BAKU, Azerbaijan, June 24
By Tamilla Mammadova – Trend:
Georgian JSC Credo Bank plans to purchase JSC Finca Bank, Trend reports via the National Bank of Georgia.
As reported, Credo Bank intends to buy a 100-percent stake in Finca Bank. The National Bank regulates the transaction. With its consent, the number of commercial banks in Georgia will be reduced to 14.
"The National Bank of Georgia, based on the application of JSC "Credo Bank," initiated administrative proceedings regarding the assessment of the transaction (concentration) of the acquisition of 100 percent of the shares of JSC "Finca Bank Georgia" in a competitive environment," the document reads.
As of the first quarter of 2021, the assets of Credo Bank amount to 1.39 billion lari ($441.9 million), thus occupying eighth place in the banking system.
Finca Bank's assets amount to 279 million lari ($88.7 million), ranking it 13th in the banking system.
The net profit of the bank in the first quarter of 2021 - 7.5 million lari ($2.3 million).
The owners of Finca Bank are:
- FINCA Microfinance Holding Company LLC (Delaware, US) 99 Voting right of FINCA Microfinance Coöperatief U.A.;
- FINCA International, Inc (New York, US) 62.89 percent of FINCA Microfinance Holding Company LLC (Delaware, USA);
- International Finance Corporation (IFC) 14.27 percent of FINCA Microfinance Holding Company LLC (Delaware, US);
- KfW 8.87 percent of FINCA Microfinance Holding Company LLC (Delaware, US);
- FMO (Nederlandse Financierings Maatschappij voor Ontwikkelingslanden N.V) 7.25 percent of FINCA Microfinance Holding Company LLC (Delaware, US);
Net loss of the bank in the first quarter of 2021 - 0.3 million lari ($95,390).
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