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Azer Turk Bank changes approach to business lending

Economy Materials 6 March 2018 20:27 (UTC +04:00)
Azerbaijan’s Azer Turk Bank expects growth of applications for business loans in 2018, Orkhan Huseynov, chairman of the bank’s board, told Trend March 6.
Azer Turk Bank changes approach to business lending

Baku, Azerbaijan, March 6

By Ilkin Shafiyev - Trend:

Azerbaijan’s Azer Turk Bank expects growth of applications for business loans in 2018, Orkhan Huseynov, chairman of the bank’s board, told Trend March 6.

Such a trend is related to the development of entrepreneurship in Azerbaijan and the growth of confidence in the national currency, he said.

“Presently, entrepreneurs are increasingly willing to receive loans in manats,” he noted. “Correspondingly, the number of appeals also grows. At the moment, we have several appeals at the verification stage, and early this year, we issued a loan to a socks manufacturing facility in the Absheron district of Azerbaijan. We are considering business plans, evaluating the risks, and if earlier the bank required only a pledge, at the moment, we are more interested in the profitability of the business.”

In general, the bank forecasts growth of business lending in Azerbaijan this year, he noted.

“Presently, entrepreneurs are actively applying for loans to all banks,” Huseynov said. “According to our forecasts, the loan portfolio of Azerbaijani banks will actively grow.”

In 2017, the Azerbaijani credit organizations’ loans totaled 11.75 billion manats, which is 28.5 percent less as compared to 2016, a report of the Azerbaijani Central Bank (CBA) said.

Azer Turk Bank has been operating in Azerbaijan since 1995.

(1.7001 manats = $1 on March 6)

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