Azerbaijani Amrahbank attracts funds of Islamic Trade Finance Corporation
Azerbaijan, Baku, July 15 / Trend /
While continuing to enhance cooperation with the Islamic Development Bank (IDB) to finance small and medium-sized enterprises' import-oriented trading, the Azerbaijani Amrahbank drew funds from the Islamic Trade Finance Corporation (ITFC), belonging to the IDB, the bank said.
The chairman of the Amrahbank board, Emil Mammadov, said that one of Amrahbank's key strategic aims at this stage is to expand long-term cooperation with international financial organizations in areas which raise funds for lending and attract new strategic shareholders, as well as in the technical assistance program.
"We are pleased to welcome the ITFC into the ranks of our foreign partners and are confident that our collaboration will serve to meet the needs of our customers - small and medium-sized enterprises in international business," said Mammadov.
The strategic partnership, which was established after acquiring 49 percent of Amrahbank's stake by the International Investment Bank in Bahrain, has played an important role in the positive changes taking place in several fields of the bank's activities, including such areas as corporate governance, international cooperation, the line and quality of products and services.
As for April 1, 2009, Amrahbank's assets consisted of 61.442 million manat, deposit portfolio - 31.142 million, loan portfolio - 39.552 million manats, aggregate capital - 22.552 million manats, including authorized capital - 12.821 million manats.
At present the banks has 22 branches, 12 ATMs and 45 POS-terminals in the country.