Foreign shareholder of Azerbaijani Amrahbank to render it financial support

Business Materials 30 June 2009 12:52 (UTC +04:00)

Azerbaijan, Baku, June 30 / Trend N. Ismayilova /

Foreign shareholder of Azerbaijani Amrahbank is the International Investment Bank situated in Bahrain. The International Investment Bank is ready for rendering Amrahbank financial support, the bank's board member Fazil Huseynov said on June 29.

"Funds will be given via credit line. But amount and term are not specified yet," Huseynov said.

Credit is expected to be received during 2009, he said.

Strategic partnership established after purchasing of 49 percent of Amrahbank's shares by the International Investment Bank. This partnership played important role in positive changes in activity of the bank, including corporative governance, international cooperation, line and quality of products and service. The rest package (51 percent) of Azerbaijani bank's shares is distributed among physical entities-residents of the country.  

As of April 1, 2009, assets of Amrahbank hit 61.442 million manat, deposit portfolio - 31.142 million manat, loan portfolio - 39.552 million manat, joint capital - 22.552 million manat, including authorized capital - 12.821 million manat.

Presently, roughly 22 branches, 12 cash-machines and 45 POS-terminals of the bank operate in Azerbaijna.

Amrahbank was established in 1993.

On June 29, the official exchange rate is 0.8041 manat to $1.

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