Azerbaijani Bank Respublika, EBRD Sign Agreement on Mortgage Loaning

Azerbaijan, Baku, 11 Dec / Trend / Bank Respublika and the European Bank for Reconstruction and Development (EBRD) signed the next loan agreement at $10mln in London.

The agreement covers seven years and envisages allocation of means to mortgage loaning, Bank Respublika said on 11 Dec. It will enable the bank to raise diversification of its resource base and expand clients' mortgage loaning.

This loan agreement is an indicator of successful work of Bank Respublika and testifies great trust of international financial organizations on this bank. The agreement is too important taking into consideration the current world economic crisis and the current situation at world financial markets. This fact testifies the highest level of stability and dynamic development of Bank Respublika.

Bank Respublika is cooperating with the EBRD since 2004. During this period, the banks have signed different agreements on business loaning and trade financing at $52mln. In 2006, the EBRD was organizer of $24mln syndicated loan for Bank Respublika.

Bank Respublika, which has functioned since 1992, is one of key banks of Azerbaijan. Two German large financial organizations - DEG, member of KfW bank group and SIDT, member of Sparkassen-Finanzgruppe with stock package comprised of 25% + one share.

Bank Respublika has long-term rate of deposits in national and foreign currency at level of B2 with forecast 'stable' from Moody's Investors Service international agency.

There are 30 branches and departments of Bank Respublika in Baku and regions of the country.

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