OREANDA-NEWS. January 29, 2007. AccessHolding has increased their share in MFBA to 16,5%, reported the press-centre of MFBA.

AccessHolding, a strategic investor in microfinance, has increased their share in MFBA to 16,53% from a previous share of 9,95%. The shares were acquired from two existing share holders; with 545,000 coming from KfW and 177,779 from LFS Consulting (each share has a nominal value of 1 AZN).

As a result of this transfer, KfW has reduced their stake from 24,95% to 20% and LFS has reduced their share from 5,09% to 3,47%.

This redistribution gives LFS and AccessHolding a combined 20% share of the company. When AccessHolding first bought a stake in MFBA in 2007, it had been planned that each of four shareholders would own 20% of MFBA, with the remaining 20% divided between LFS and AccessHolding. The current transfer of shares fulfills this commitment, which had previously been delayed due to legal technicalities.

General Manager Andrew Pospielovsky said, "MFBA benefits from having very strong and internationally recognised shareholders, who are committed to the development of Azerbaijan. This gives our clients greater confidence in the bank and our commitment to transparency and high standards of customer focused service. While there has been a modest adjustment in the shareholding structure, this adjustment was always intended and all our shareholders remain committed to MFBA and our work."

Micro Finance Bank of Azerbaijan is 100% foreign owned by six shareholders: European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank – the Development Bank of the German Government, LFS Financial Systems GmbH - a German consulting company, and AccessHolding - a strategic investor in microfinance. Participation of such organisations in the ownership of the bank strengthens our customers confidence in the bank.