VTB Bank (Azerbaijan) plans to join mortgage market
Azerbaijan, Baku, May 10 /Trend, N.Ismayilova/
VTB Bank (Azerbaijan) plans to participate in the mortgage market in Azerbaijan to a limited extent, said Chairman of the Bank's Board Oleg Krasnojon.
"We can engage in mortgage lending, but for us it is not a priority activity. Mortgage requires long and cheap financial resources, we can easily attract resources for about five years, and stable resources are necessary for participation in the mortgage program, such as at least 10-15 years. Therefore, we are not in a hurry, but to a limited extent, will participate in the mortgage program," said Krasnojon.
The bank also appealed to the Azerbaijan Mortgage Fund, operating under the country's central bank, to join the list of authorized credit organizations.
In 2010, VTB Bank (Azerbaijan) intends to work primarily with corporate clients of medium businesses to finance large-scale projects. The bank has sufficient funds to start their funding.
According Krasnojon, bank's authorized capital totals 24 million manat, and the bank plans to increase it this year by 20 million manat.
The bank license to VTB Bank (Azerbaijan) was issued by the Central Bank of Azerbaijan 11 March 2009, and since November the bank officially began operations.
Official rate on May 10 is 0.8035 AZN/USD.