Micro-financing bank to open

Azerbaijan’s micro-financing bank is scheduled to open in August with offices in Sumgayit and Ganja in the following 15 months to span all the regions of Azerbaijan. The bank’s initial charter capital will make up 6 million US dollars, with an anticipated rise to 30 million at the expense of shareholders’ capital and proceeds.

The bank’s shareholders are the International Finance Corporation with a 35 percent stake, the European Bank of Reconstruction and Development with 25 percent and the Black Sea Bank of Commerce with 35 percent. Besides, the German LFS, the technical partner for the bank’s management, is represented with a 5 per cent share.

Crediting small and medium business will be a priority for the newly established bank.*