Non-banking credit organization intends to double loan portfolio

Business Materials 21 January 2010 17:25 (UTC +04:00)

Azerbaijan, Baku, Jan. 21 / Trend N. Ismayilova /

Non-banking credit organization TBC Kredit intends to increase its loan portfolio to $30 million by late 2010, the organization reported today

As of Jan.1, 2010 volume of the loan portfolio hit $16.3 million with 1,451 active credits. The loan portfolio includes 50 percent of business-loans, 36 percent of mortgage loans and 14 percent of consumer loans In early 2009, TBC Kredit's activity was focused on small or medium business to support the Azerbaijani businessmen in instable conditions. The organization opened the first service center in Sumgayit and in the Lokbatan trade center in connection with increase of crediting volume.
The first two centers were opened in Baku in 2008.

Furthermore, the Overseas Private Investment Corporation (OPIC, USA) approved long-term lending worth $12 million. This credit line aims at developing mortgage and business crediting. TBC and OPIC are cooperating since 2004 and with issuing the third credit line the amount attracted reached $18.5 million

"The organization is also planning to increase monthly amount of mortgage loans," the organization said

TBC Kredit began to issue mortgage loans, providing loans for the purchase and renovation of apartments, the private houses construction, land purchase. The maximum amount of loan is 200,000 dollars and the maximum is 10 years

Non-bank credit organization TBC Kredit has been functioning in Azerbaijan since 1999.

Since December, 2007, 75 percent of share has belonged to Georgian TBC Bank and 25 percent to ShoreBank International Ltd.

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