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Asian Development Bank and Azerbaijani Bank to Launch First Securitization at Caucasus Banking Market

Business Materials 1 November 2007 19:59 (UTC +04:00)

Azerbaijan, Baku / Trend corr A. Badalova, I. Khalilova / Asian Development Bank (ADB) and German Dresdner Bank are developing automobile crediting securitization project for Azerbaijani Bank Standard in the sum of $50mln, the president of Bank Standard Salim Kriman reported on 1 November.

According to the ADB Baku Office, preliminary talks took place in Baku on 26 October. Representatives of Dresdner Bank, which is the organizer of the project, were in attendance. Joint action plan was designed during the talks. The securitization project is expected to be approved at the ADB Council of Directors by the end of the 1st half of 2008.

Securitization is an alternative to Eurobonds, but unlike Eurobonds it is much easier to be implemented with lower interest rate.

The project will be the first securitization at Caucasus banking market.

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