Azerbaijan, Baku, October 5 / Trend N. Ismayilova /
A subsidiary of Russian - Azerbaijan Foreign Trade Bank intensifies its work in Azerbaijan from November 1, chairman of Azerbaijan Foreign Trade Bank, Oleg Krasnozhon said.
"It will be working opening. But we will try to time official opening to any event. We have already set down to work in Azerbaijan. But the bank will operate actively and widely from November 1," Krasnozhon said.
He said that intensifying of the bank's activity in Azerbaijan is connected with establishment of a new office.
The bank's own capital hits 11 million manat as of October 5. But the bank will conduct additional emission in November in increase it by 20 million manat.
"Moreover, head bank and the international institutes' funds will be drawn to actively finance new projects," Krasnozhon said.
He said that the bank considers the projects worth 10 million manat covering industry, trade, communication and tourism.
"Presently, we mainly operate with trade organizations, including AZEL and construction company Akkord," he said.
Current investment portfolio of the bank hits 5 million manat. Chairman of the board said that it is not the index of the bank's activity as it was suspended due to lack of several terms.
"We plan to reach 100 million manat by late 2010," Krasnozhon said.
On October 5, the official exchange rate is 0.8035 manat to $1.
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