VTB bank aims to accelerate lending of Azerbaijan's real economic sector
Azerbaijan, Baku, April 15 / Trend N. Ismayilova /
The priority of Bank VTB in Azerbaijan today is the sharp increase of lending to the real sector of economy, senior vice president of the Bank Aleksey Eroshkin said.
"We expect a tenfold increase in the loan portfolio. The portfolio will be changeablet, that is, the bank provides for the issuance of a large credit and lending to small and medium enterprises", Eroshkin said.
"We hope that the bank's activity in this area will promote development of a wide range of areas of the Azerbaijani economy," he said.
He said that the bank expects growth of pubic deposits in 3,5 times in 2010.
VTB Bank also intends to actively support such governmental social programs such as loans through the Azerbaijan Mortgage Fund and the National Fund for Entrepreneurship Support", Eroshkin said.
VTB Bank (Azerbaijan) plans to increase its loan portfolio to 53 million manat, assets - 70 million manat, own capital - 40 million manatby late 2010.
Controlling stake of OJSC VTB Bank (Azerbaijan) belongs to the Russian VTB Bank and 49 percent - residents of the Azerbaijan Republic in the face of JSC Ata Holding (48,99 percent stake in the bank) and physical entity (owner of 0.01 percent of shares).
VTB Group has entered the market of Azerbaijan in late 2008. The Central Bank of Azerbaijan gave license to JSC VTB Bank (Azerbaijan) No 06/06-634 March 11, 2009
On April 15, the official exchange rate is 0.8034 manat to $1.