German third-largest bank allocates loan to Azerbaijani bank
Azerbaijan, Baku, June 18 / Trend
Germany's third-largest bank Landesbank Baden-Wurttemberg (LBBW) has allocated Azerbaijani Bank Respublika the credit line amounting to 1 million euros for trade financing, the bank said. This agreement was reached in negotiations between the parties, which took place on Thursday, June 17 in the head office of Bank Respublika.
In recent years, Bank Respublika is actively involved in various programs on trade finance. Advances of the bank in this direction were noted by the European Bank for Reconstruction and Development, which recognizes Bank Respublika as the most active bank in trade finance in Azerbaijan the second consecutive year.
The total amount of trade financing operations carried out by the bank in 2009 with countries such as Japan, Germany, Switzerland, Italy, exceeds $20 million.
Bank Respublika operates on the financial market of the country since 1992. The shareholders are 2 major financial institutions of Germany - DEG and SIDT. Reliability and stability of the bank were reaffirmed by the international rating agency Moody's Investors Service.