Azerbaijani bank to sign deal with int'l finance institutions
Azerbaijan, Baku, Sept. 28 / Trend , N.Ismayilova/
The Azerbaijani Bank Respublika will hold an extraordinary meeting of shareholders on Oct. 30 at the bank's central office, the bank said.
The general meeting will focus on adoption of the agenda, and the conclusion of agreements with international financial institutions.
Earlier, the International Finance Corporation (IFC) reported that the IFC Board of Directors plans to approve the allocation a loan worth $20 million to Bank Respublika. The loan aims to further finance micro, small and medium businesses.
Bank Respublika was founded in 1992 as a private joint-stock commercial bank that provides banking services for retail. The network includes 33 bank branches and service points. This is the sixth largest bank in Azerbaijan with total assets amounting to $478 million and a loan portfolio worth $312 million as for late 2008.
At present, 25+1 percent of stakes belong to Sparkassen International Development Trust (SIDT, member of Sparkassen-Finanzgruppe) and Deutsche Entwicklungsgesellschaft (DEG, member of KfW banking group). The bank's shareholders are: Guliyev's family (75 percent), DEG (16.67 percent) and SIDT (8.3 percent).