Azerbaijan, Baku /corr. Trend U.Ismaylova / Bank Respublika and Asian Development Bank (ADB) signed an agreement on allocation of subordinated credit, the Bank reported.
According to the agreement, the ADB will allocate $10mln subordinated credit for Bank Respublika for a period of eight years.
Bank Respublika and ADB began co-operation in 2006. During this period, the ADB provided $8mln credits to Bank Respublika within program on crediting small and medium business.
In addition, Bank Respublika is co-operating with the European Bank for Reconstruction and Development, International Finance Corporation, Dutch Financial Development Company, Investment Company DEG, Black Sea Bank for Trade and Development, German-Azerbaijani Fund, Raiffeisen Bank, Commerzbank AG and other international financial institutions.
Raiffeisen Bank, Commerzbank AG has been functioning since 22 May 1992 and currently is one of the leading banks in Azerbaijan. The shareholders of the bank include two financial institutions of German DEG, and SIDT, which is a member of Sparkassen-Finanzgruppe.
As of 1 December 2007 the assets of Bank Respublika totals AZN 229.6mln and the growth in the assets since the beginning of the year made up 106.3%.