The Georgian TBC Bank will acquire 75% of the shares of the Azerbaijani “SOA Credit” credit organization, Deputy Chairman of SOA Credit Ajdar Aliyev stated.

Mediamax reports referring Trend that Ajdar Aliyev noted that the TBC Bank has already made the payment at the volume of $7.5mln, and the signing of the corresponding agreement is planned for February 14.

“The business-plan of the credit organization development is already discussed beforehand with the new share-holder. TBC Bank intends to turn the SOA Credit into a mighty financial institution, which will be able to offer the customers a wide spectrum of banking services” Ajdar Aliyev stated.

As a result of the given deal, the authorized capital stock of SOA Credit increased up to $10mln. The initial capital of the credit organization at the volume of $2,5mln was formed at the expense of a grant from the U.S. Agency for International Development (USAID).

Before the entrance of TBC, the international consulting “Shorebank International” organization, entering the U.S. Shorebank group, was the 100% owner of SOA Credit.

The credit portfolio of SOA Credit makes $10.5mln, the half of which falls of the share of mortgage credits.