Baku, Azerbaijan, July 25
By Zulfiyya Gurbanova - Trend:
The loan portfolio of Azerbaijan's TBC Kredit non-banking credit organization stood at $42.6 million with around 5,309 active loans as of June 30, 2014.
Loans disbursed as business loans dominated the credit portfolio at 47 percent, while mortgage and retail loans shared 16 percent and 37 percent respectively. Almost 54 percent of the business credit portfolio is derived from micro-business projects, TBC Kredit said on July 25.
Within the first six months of 2014, TBC Kredit issued corporate bonds for three million AZN with two years of maturity. At the same time, the company received a $2.5 million tranche from its international partner Triple Jump with 30 months of maturity.
Moreover, the organization is actively collaborating with other international partners such as MicroVest, ResponsAbility Social Investments AG, OPIC (Overseas Private Investment Corporation, USA), European Bank for Reconstruction and Development (EBRD) and Black Sea Trade and Development Bank (BSTDB).
A brand new branch, offering a full spectrum of services, was inaugurated in the center of Sumgait in the first quarter of 2014. It is worth mentioning that the Sumgait branch has demonstrated positive results ever since opening.
The company regards financing of business projects, development of small and medium size enterprises, as well as spreading of branch network throughout Azerbaijan to remain amongst its priorities.
TBC Kredit, a non-banking credit organization, has been operating in Azerbaijan since 1999. Starting from 2007, 75 percent of its stock belongs to the Georgian TBC Bank, while 25 percent - to the Enclude Holding, USA (former ShoreBank International, USA).
Edited by CN