According to the Azeri Press Association, the Micro Finance Bank of Azerbaijan (MFBA) has been officially renamed Access Bank. The name stems from Access Holding, which controls a 16.53 percent stake in the microfinance institution (MFI). The news comes after MFBA recently attracted increased funding from the IFC and British Petroleum (BP).
MFBA, founded in 2002, is a for-profit MFI and the highest rated private bank in Azerbaijan. It had total assets of USD 133m, a debt to equity ratio of 713 percent and a return on equity of 36 percent as of December 31, 2007. As of the same date, it had a gross loan portfolio of over USD 133m and 46,653 active borrowers. All financial data was taken from MIX Market, the Microfinance Information eXchange. According to the MFBA website, other shareholders include European Bank for Reconstruction and Development (20 percent), an international financial institution created by the governments of over 60 countries; the International Finance Corporation (IFC) (20 percent), the private sector division of the World Bank; KfW Development Bank (Kfw) (24.95 percent), the German development agency; Black Sea Trade and Development Bank (20 percent), a regional development bank; and LFS Financial Systems GmbH (LFS) (5.09 percent), the consulting sister company of Access Holding. The website currently lists Access Holding’s stake at 9.95 percent.
Access Holding is a for-profit microfinance holding company. According to MIX Market, the company had 3 active microfinance investments totaling over USD 2.5m as of February 28, 2007. Shareholders of Access Holding include Kfw; IFC; LFS; The Omidyar-Tufts Microfinance Fund, a commercial microfinance fund managed by Tufts University; CDC Group, a UK government emerging market fund of funds; and European Investment Bank (EIB), a financing institution of the European Union.
By Greg Casey, Research Assistant
Additional Resources:
Azeri Press Association: “Microfinance Bank of Azerbaijan changes name”
MicroCapital story, July 15, 2008: “International Finance Corporation (IFC) and BP (British Petroleum) to Finance New MFBA (Micro Finance Bank of Azerbaijan) Branch Offices”
MicroCapital story, August 14, 2008: “Fitch Ratings Assigns the Micro Finance Bank of Azerbaijan (MFBA) a Grade of BB+”
MIX Market: Profile for Micro Finance Bank of Azerbaijan
MIX Market: Profile for Access Holding
Micro Finance Bank of Azerbaijan: Home
MFBA: Shareholders
Access Holding: Home
Access Holding: Shareholders
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