Crystal Entering Banking Market Merging with Miso Finca
Microfinance organization Crystal is entering the banking market and merges with Bank FInca. The acquirer is Crystal and its shareholders. Negotiations on the reunification process are in an active phase.
As the Chairman of the Supervisory Board of Crystal told Business Partner, the goal is to expand and strengthen the bank.
"This is an opportunity for our existing clients, micro and small entrepreneurs to create a bigger and stronger platform, to enhance and improve the quality of service," said Archil Bakuradze.
He said that the recent National Bank regulations in the microfinance sector have strengthened Crystal and enabled this type of transaction. It is noteworthy that Finca obtained a banking license in August 2013.
Bank assets are up to GEL 300 million. As for Crystal, it is a powerful microfinance organization. Its assets exceed 350 million GEL. After joining Crystal Bank and merging with Finca, another major player will emerge. Following the merger, the assets of the new financial institution will amount to GEL 650 million, which will put the new bank in the top 10 banks according to assets.