OREANDA-NEWS. December 24, 2007.  Status of SOA Credit (Azerbaijan’s non-bank credit organization) has not changed after Georgia’s commercial TBC Bank acquired a 75% equity stake in its charter capital.

Adishirin Gasimov, the director of the Azerbaijani National Bank (NB) Credit Institution Supervision Department, said that the deal for purchase of 75% stake in SOA Credit from the US shareholder, Shorebank, did not require the NB permit.

“TBC Bank has not applied to us for permit for SOA Credit’s transfer into a bank,” Gasimov said.

Earlier Mamuka Khazaradze, chairman of the TBC Bank’s Supervisory Board, said that TBC Bank is going to introduce new products at the Azerbaijani market and hopes for successful development of the new organization. For the next few years investments in SOA Credit are expected to reach by $30-50 million a year and in case of successful work, SOA Credit portfolio will grow up to $1.5 bn.

SOA Credit non-bank credit organization 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. As of November 1, 2007 its assets reached $1.1 bn. The TBC Bank’s largest shareholders are IFC – 30.95%, TBC Holding Ltd – 21.67%, Liquid Crystal International N.V – 20.1%, and DEG – 13.33%.