Azerbaijan, Baku, 15 September/ Trend , I. Khalilova/ AccessBank (former Micro-Finance Bank of Azerbaijan) does not see ant need to begin realization of mortgage lending program and it plan to focus on the development of current bank products, Andrew Pospielovksi, general manger of the Bank said in a press conference.
"Today we has become leading bank offering a wide range of bank services both to small and medium businesses and Azerbaijani population as well," he said. "We are changing our name, but our shareholders and mission remains the same- to secure an access to a full scope of bank services, small and medium businesses and low-income families".
These are high demand products in Azerbaijan. Therefore, AccessBank will increase operations on these services all over the country through expanding regional network. The number of branches in the regions of the country is expected to reach 15 by 2010. A total of 11 of the branches out of 18 are located in Absheron peninsular.
So far, the Bank has granted 68,000 loans with a total amount of $182mln. The loan portfolio of the Bank comprised $438mln for the past five years with the average amount of each loan comprising $2,900.
Besides loans, today the Bank offers other services including current and deposit accounts, money transfers, Visa cards and much more. The deposit portfolio of the bank totals to $30mln despite two-year restriction.
From August 2007, AccessBank began granting agro credits with 8,000 projects worth $16mln being financed in a year.
The capital of the Bank makes up AZN 20mln.
AccesBank is 100% foreign owned by six international organizations: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (with a 20% share each), Access Microfinance Holding AG - a leading investor in microfinance (16.5%) and LFS Financial Systems GmbH (3.5%) - a German consulting company.
The authorized capital stock of the company has reached AZN 38mln due to capitalization.
The official exchange rate for 15 September is 08118 AZN/USD.
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