Azerbaijani bank resumes mortgage lending
Baku, Azerbaijan, Nov. 17
By Anvar Mammadov - Trend:
The Texnikabank Azerbaijani OJSC (until now, it acted under the name of Bank Technique) has resumed the issuance of mortgage loans, the chairman of the Supervisory Board of the bank Etibar Aliyev said in an exclusive interview with Trend Nov.17.
"Currently, we have already restored our membership of the Azerbaijan Mortgage Fund (AMF)," he said. "In addition, we are negotiating with banks for the return of our mortgage portfolio transferred to them for management. The volume of this portfolio is 23.6 million manats."
At the time, the bank transferred a portfolio formed by the AMF for service to four banks - Nikoil Bank, DemirBank, Caspian Development Bank and Kapital Bank. In 2014, the volume of mortgage loans issued by the fund to the Texnikabank for the construction and purchase of real estate, amounted to 3.12 million manats.
The chairman of the Supervisory Board also said that the bank plans to increase capital to 50 million manat in the near future.
He said that at present, the bank's authorized capital is about 50 million manat.
Bank Technique JSC operates in Azerbaijan since 1994 (it was called Rashadbank earlier, and Texnika Bank since 1998). The bank received its present name after rebranding in 2012. The Bank offers a wide range of banking and financial services in Azerbaijan.
The shareholders of Bank Technique include investment company Beaufort Investissements S.A [head office located in Luxembourg] with 78.4421 percent interest, while 21.5579 percent belongs to individuals.
The official exchange rate is 1.0509 AZN/USD Nov. 17.
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