New commercial bank to be established in Azerbaijan

New commercial bank to be established in Azerbaijan
# 20 February 2013 10:45 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Finca Azerbaijan non-banking organization will try to transform to universal bank organization this year, said the FINCA Azerbaijan's CEO Manish Sane at the press conference on outcomes of 2012.

Sane says Central Bank of Azerbaijan has certain requirements and policy on establishment of banks. The organization’s plan is to transform to bank this year.

Besides, as at early February, 2013, the organization’s loan portfolio made $ 153.475 mln, number of clients – 137,940, up 30% and 14% from year earlier.

Sane stated that the organization also introduced new Individual Rural Credit and the interest rates reduced two times within a year. For the present, the share of troubled loans in loan portfolio is equal to 0.2%.

Sane noted that the organization plans to increase the loan portfolio to $175 mln, number of clients – to 150,000 by the year-end.

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