Azerbaijan, Baku, Feb. 5 / Trend /
The European Bank for Reconstruction and Development (EBRD) awarded Bank Respublika as the "Most Active Trade Financing Bank in Azerbaijan in 2008," Bank Respublika said.
The awards ceremony was held in London on Jan. 29 at the international trade financing conference. Bank Respublika was the only Azerbaijani bank awarded by the EBRD in 2008.
The EBRD International Trade Assistance Program aims to develop international trade and covers a large spectrum of trade financing services. Program participants are 115 banks in 19 countries.
Bank Respublika joined the program in 2003. The bank's operations via the program increased 40 percent and hit $37.7 million in 2008.
Bank Respublika is a key bank in Azerbaijan and has functioned since 1992. Two German financial organizations DEG, a member of the KfW bank group, and SIDT, a member of Sparkassen-Finanzgruppe, own a 25-percent plus one share stake in the company.