Azerbaijani Texnikabank cuts dependence on int'l capital markets to minimum
Azerbaijan, Baku, July 7/ Trend , N.Ismayilova/
The Azerbaijani Texnikabank's foreign liabilities were cut from 19 percent to 6 percent of assets since early 2009, chairman of the bank's board Samir Huseynov said.
Since early 2009, the bank has paid off foreign liabilities worth $27 million, he said.
So far, the bank has paid off the issued unsecured bonds worth $26 million, loans by Morgan Stanley worth $25 million and Citibank - $20 million. At present the bank's total foreign liabilities amount to $23 million.
"The bank will not pay off foreign liabilities by late 2009 and it will carry out the next payment in May 2010," Huseynov said. "Thus, Texnikabank's dependence on the international finance markets was reduced to minimum, respectively, there is not any risk for re-financing."
As of May 31, 2009, Texnikabank's assets were 447.6 million manats.