Assets of Azerbaijani AGBank up 7 percent since early 2009
Azerbaijan, Baku, Oct. 5 / Trend /
As for Sept. 30, assets of the Azerbaijani AGBank increased 7 percent and were 222.6 million manat compared to early 2009, the bank said on Oct. 5.
During the reporting period, the loan portfolio is also supplemented by 14 percent and its total volume reached 177.4 million manat.
Deposits increased by 20 percent, which is by 3-4 times higher than the average indicator for the banking system, it is the result of public confidence in the bank.
In the near future, the bank plans to increase the total number of ATM, which today numbers 54.
Chingiz Asadullayev and Farzulla Yusifov, as well as the IFC and Kazimir Caspian Fund Limited are the main shareholders of the bank. The bank has 13 branches. AGBank has two foreign shareholders. In June 2006, the IFC acquired 17.5 percent of stakes of AGBank for 1.470 million manat and in May 2008, 10 percent shares of the bank were sold to the American company Kazimir Investment Caspian Fund for 8.36 million manat at their nominal value of 1.5 million manat. AGBank cooperates with the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and Asian Development Bank.