LLC Finca Azerbaijan is ready to create a competitive environment in the banking sector - reporters were told at a press conference at the end of January- June 2013 by the director of the financial structure Manish Sane.
According to him, meeting the requirements of the Central Bank of Azerbaijan on bringing the level of the share capital of banks to 50 million manat is no problem. As an example, he cited the repayment of the bond issue in the amount of AZN 10 million (10 million of securities with par value of 1 thousand manat). "Baku Stock Exchange took our request for repayment on June 26 and , despite the fact that the claimed repayment term was defined in 3 years, we have coped with it for the first ten days of July, and has already received its first profit," said the director .
Moreover, the financial structure is not going to be limited to the involvement of bank deposits and the transition to the corporate sector. It is ready to provide a full range of services to the population, mainly to individual customers.
The organization Finca Azerbaijan is functionally more stable than its counterparts in many other countries. However, in Pakistan and Georgia Finca is already a bank, in Kyrgyzstan it is preparing the final documents, and with the Central Bank of Azerbaijan they have conducted unsuccessful negotiations the same year.
The Director of the structure reported that in case of failure of some local banks in communicating the level of the share capital to 50 million manat and " converting " them into non-bank credit organizations , he is not afraid of competition and squeezing - it accounts for 35 % of the portfolio of microcredit in Azerbaijan.
Finca Azerbaijan was established in 1998. It is part of the international network of microfinance Finca International.
The company provides loans for a period of 4 to 24 months. The loan amount varies from $ 50 - $ 100 000. The interest rate on the loans varies in the range of 21-36 %. - 17B-
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