Latvia's Parex Bank satisfied with fulfillment of obligations by Azerbaijani companies
Azerbaijan, Baku, Oct. 20 / Trend , N.Ismayilova/
Latvia's Parex Bank is pleased with fulfillment of obligations by Azerbaijani companies and banks, drawing loan with the support of the Latvian bank, said Robert Idelson, the bank's senior vice president and head of the Capital Management Directorate.
"The bank does not hold any active operations on the Azerbaijani market, but maintains relationships with local companies and banks," said Idelson. "Azerbaijani banks will comply fully with their obligations, so we see great potential in the future to assist them in attracting foreign borrowing on international markets."
He said at present the issue is not discussed, since the interest rates on external borrowing do not benefit local banks.
"However, in this direction, the world situation is improving strategically, and I think in the future this trend will be important," said Idelson.
He said the local company previously attracted funds from the investment funds in the Baltic countries.
"In the future, perhaps even since the second quarter of next year, this issue already can be under discussions, if, of course, the market situation continues to evolve its current pace," he said.
He said five or six local banks are interested in providing such services by Parex Bank.
Total portfolio of Parex Bank in Azerbaijan today is $200 million, including the portfolio of the leasing subsidiary structure in the country and credit lines.
Parex bank was founded in 1992. Representative offices, branches and subsidiaries of banks are located in 12 countries worldwide, including branches in Berlin, Stockholm and Tallinn. Parex bank is the only partner for cooperation with American Express in Latvia and Lithuania, have the license to issue credit cards of American Express.
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