NEWS WIRE: Azerbaijan: Local FINCA Microfinance Institution to Convert to Bank

Source: Abc.az.

Original article available here.

BAKU, May 8 – Non-bank credit institution FINCA Azerbaijan is preparing to be transformed into bank.

FINCA Director for Azerbaijan Jeff Flowers said at the moment FINCA is negotiating with the National Bank of Azerbaijan (NBA) for changing its organizational form to bank.

“The talks will be completed next year during the next 12 months. At the moment talks with the NBA are continued,” Mr. Flowers said.

FINCA Azerbaijan is part of FINCA International network operating in 22 countries. FINCA Azerbaijan was founded in 1998 with the support of USAID. Following long growth FINCA Azerbaijan turned into a leading micro-finance organization of Azerbaijan and is represented in 55 regions of the country through 23 branches and 30 offices.

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