Baku, Fineko/abc.az. Georgian commercial TBC Bank entered Azeri market by purchasing the stake in SOA Credit Azeri non-bank organization of Azerbaijan.
Mamuka Khazaradze, TBC Bank Supervisory Board Chairman, reported that within the deal, TBC Bank purchased 75% of the stake in SOA Credit.
“The shares were purchased from Shorebank (US founder of SOA Credit). At the same time, selection of Azerbaijan is based on that the country is a Georgian strategic partner,” M.Khazaradze said. The deal’s amount is not announced. 数据挖掘研究院
“We are going to introduce new products on Azeri market and we hope to develop new structure successfully. It is supposed that during several years, investment into Azeri organization to reach $30-50 million a year and in case of successful work, SOA Credit portfolio to grow up to $1.5 bn,” M.Khazaradze said. 数据挖掘研究院
SOA Credit non-bank credit institutions was founded by Shorebank (US) in 2001. At present SOA Credit charter capital is $2.5 million with $10 million of credit portfolio.
TBC Bank is one of the leaders of Georgian bank sector. Bank assets as of November 1, 2007 reached $1.1 bn. The largest shareholders of TBC Bank are IFC – 30.95%, TBC Holding Ltd – 21.67%, Liquid Crystal International N.V – 20.1%, DEG – 13.33%.
