Azerbaijani Amrahbank to end talks with ITFC by autumn
Azerbaijan, Baku, July 16 / Trend , N.Ismayilova/
The Azerbaijani Amrahbank conclude negotiations with the Islamic Trade Finance Corporation (ITFC), a member of a group of Islamic Development Bank (IDB), on drawing loans by late August-early September, the bank said on July 16.
"The exact amount of the loan is not yet known, but according to preliminary results of the talks, it will amount to $5 million," said the bank.
Funds received from the ITFC will be directed to consumer loaning, financing small and medium-sized businesses and developing business of the bank. Funds will be drawn for three or four years, which will also be specified s part of the loan agreement, the bank said.
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.