Black Sea Trade & Development Bank determines action plan by 2020
Azerbaijan, Baku, June 17 / Trend /
Azerbaijani Finance Minister, manager at the Black Sea Trade and Development Bank (BSTDB) from Azerbaijan Samir Sharifov is participating in the 11th Annual Meeting of the Board of Governors BSTDB in Salonika (Greece), the Azerbaijani Finance Ministry reported.
The meeting discusses a long-term strategic plan for the Black Sea Bank for 2010-2020, the financial report on the implementation of the BSTDB budget in 2008, the independent auditor's report and budget of the bank for 2009.
In 2008, 42.63 percent of the BSTDB portfolio accounted for transactions with financial institutions, especially credit lines to banks.
The growth of the bank's net profit amounted to over 44 percent in 2008 and was 14.4 million euros. The growth of the bank's open operations amounted to 30 percent, and they reached 680 million euros. A total of 28 new operations worth 328 million euros were signed in 2008.
In 2009-2010 BSTDB will focus on financing operations in the public sector. It is planned to increase the proportion of financing operations in the public sector in the portfolio. The bank will now begin to diversify the portfolio. Particularly, the bank plans to expand funding for the energy, infrastructure and municipal projects. BSTDB expects major growth in the portfolio in 2009-2010 due to such projects.
The Black Sea Bank is prepared to work over expanding the portfolio with the countries which have small share, including Azerbaijan (5.28 percent), Armenia (5.98 percent), Bulgaria (6.24 percent) and Greece (1.62 percent).
So far, Greece, Russia and Turkey remain giant shareholders of the bank with a 16-5 percent of shares for each, Romanian owns 14 percent, Bulgaria and Ukraine - each 13.5 percent, Azerbaijan - 5 percent, Albania - 2 percent, Armenia and Moldova - one percent for each and Georgia - 0.5 percent.