Azerbaijani Biggest Private Bank to Raise Mortgage Portfolio Several Times in 2008

Business Materials 22 February 2008 15:48 (UTC +04:00)

Azerbaijan, Baku, 22 February /corr. Trend U. Ismayilova/ Bank Standard, the largest bank within the private sector and the second bank in size in Azerbaijan plans to raise its mortgage portfolio by several times to the end of 2008, Javid Guliyev, the deputy head of the Board of Directors of the Bank said on 22 February in the opening ceremony of the specialized mortgage branch of the bank, the first of its kind in the country.

"The mortgage portfolio of the bank is scheduled to rise several times due to our own funds," Guliyev said.

Bank Standard has granted some 52 credits at AZN1.5mln in line with its own Menzilim (My Apartment) mortgage program.

In January Bank Standard offered two additional products, Newly-Erected Building and Young Family within the framework of Menzilim. The credit allocation procedures were simplified and the interest rates were changed from 15 to 18%. The credit was granted at AZN200,000 for five years.

According to the summary of 2007, the total sum of the assets of Bank Standard amounted to AZN608.6mln. The assets rose by AZN365mln or 141% in 2007.

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