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Azerbaijani AccessBank to continue working over loan interest rate reduction

Business Materials 10 April 2014 14:57 (UTC +04:00)

Baku, Azerbaijan, April 10

By Emin Aliyev - Trend

Azerbaijani AccessBank will continue working on lowering the loan rates, AccessBank Deputy Chairman of the Board Shakir Rahimov told the media on April 9.

"We regularly review the rates," he said. "They have been lowered by an average of 3-4 percent for the past few years."

"The foreign borrowing expands the banks' opportunities in this direction," he said.

AccessBank signed an agreement on allocating a loan worth $ 60 million on April 9 to finance the activity of the bank in the current year with a syndicate consisting of 17 banks representing Central and Eastern Europe, CIS, Asia and the Middle East. The loan was obtained at a rate of Libor +3.25 percent.

"At the same time, a significant part of AccessBank's loan portfolio depends on the deposit base, rather than external borrowing," he said. "Thus, the reduction of interest rates on bank deposits will allow achieving significant rate reduction rapidly."

As of April 1, 2014, the bank's deposit portfolio reached $ 350 million.

AccessBank was founded in 2002 by BSTDB, EBRD, IFC, KfW, the German consulting company LFS Financial Systems (LFS) and Access Holding.

The bank concentrates on lending to small and medium businesses. It has a wide branch network through Azerbaijan and employs 1,931 people. AccessBank is rated BB+ by Fitch Ratings, the highest rating among the Azerbaijani banks.

Translated by NH
Edited by CN

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