Azerigazbank to Borrow $70-80mln
Ukraine, Kiev, 19 May / Trend corr Z. Novosvitski/ Azerbaijan's Azerigazbank intends to borrow about $70-80mln from foreign markets by the end of this year.
Azar Movsumov, Azerigazbank's Chairman of the Board said to journalists in Kiev on 18 May that the bank intends to borrow a subordinated credit totalling $15mln from International Financial Corporation (IFC) for 7 years.
He hopes that the deal will be concluded by the middle of the year. "That will enable us to improve the adequacy of the capital by 3-4%," Movsumov said and added that for the time being bank's adequacy totals 17-18%, while the norm is 14%.
Azerigazbank is also cooperating with an investment fund to borrow another subordinated credit of $10mln.
On 18 May, Kiev hosted signing of agreement on allocation of two credits to Azerigazbank ($8mln and $7mln).
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