Azerbaijan, Baku, 24 July / Trend / Citibank N.A and Standard Bank Plc announced successful completion of the talks and signing of an agreement to receive a syndicated credit from Bank Standarf, the bank said on 24 July.
Bank-organizers planned to issue a credit line in the amount of $20mln. Despite of crisis at the world financial market, the credit was reviewed and increased by 40%. The syndicated credit is the first two-year commercial tranche for a financial institute in Azerbaijan, allotted without participation of international supranational financial institutions. Thus, the amount of credit ascended to $28mln.
Credit will be allotted through two tranches. Interest rate of the first tranche ($17.5mln), which will be allocated for 12 months, is LIBOR + 3%, while that of the second tranche ($10.5mln), which will be allocated for 2 years, is LIBOR + 4%. Credit will be directed to corporate clients, as well as to financing of trade operations.
Creditor Amount of Credit
12-month tranche
Standard Bank Plc$4mln
Citibank N.A.$2.5mln
AKA Ausfuhrkredit Gesellschaft mbH $2.5mln
Garanti International Bank$2.5mln
JP Morgan$2.5mln
Wachovia$2.5mln
FBN Bank ( UK) Ltd$1mln
Total: $17.5mln
24-month tranche
Standard Bank Plc$5mln
Citibank N.A.$2.5mln
OTP Bank$3mln
Total: $10,5mln
Bank Standard is a large private bank of Azerbaijan in terms of assets exchange, credit and deposit portfolios. The bank ranked at the B1 level in Moody rating. The general volume of assets of the bank amounted to AZN 690.9mln ($851.2mln), size of credits issued to clients - AZN 439.1mln ($541.1mln) and the volume of funds at client accounts - AZN 259.8mln ($320.1mln) for 30 June 2008.