AccessBank breaks a record in micro loans
Azerbaijan, Baku, Sept. 8 / Trend /
August was a record month for AccessBank's micro loan disbursement, which exceeded $20 million and accounted for 6,844 loans, the bank said on Sept. 8.
"As a result of this latest achievement, AccessBank's micro loan portfolio now exceeds $130 million and 65,000 loans" the bank reported.
"Despite the difficult situation in financial markets, AccessBank is able, once again, to demonstrate that it remains a reliable partner for Azerbaijani business. Every day we continue to expand our activities and services - indeed last month we financed almost twice as many micro businesses as in August of 2008," said Andrew Pospielovsky, General Manager of AccessBank, welcoming the new record.
Since the beginning of the year, AccessBank's micro loan portfolio has increased by $40 million and 20,000 loans - more than 40 percent. AccessBank remains committed to helping businesses across the country access financial resources. The latest record proves AccessBank is succeeding in reaching this goal.
AccessBank's mission is to provide access to financial services for Azerbaijan's low and middle income households and micro and small businesses.
AccessBank is 100 percent foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20 percent each), Access Microfinance Holding - a strategic microfinance investor (16.5 percent), and LFS Financial Systems - a German consulting company (3.5 percent). AccessBank has been recognized as the most reliable private bank in Azerbaijan by Fitch Ratings which assigned it the highest rating among private banks (BB+).