Azerbaijani bank refuses to lend major projects

Business Materials 26 August 2010 16:38 (UTC +04:00)

Azerbaijan, Baku, Aug. 26 / Trend N.Ismayilova /

The Azerbaijani AtraBank diverges from the policy on lending major projects, Deputy Board Chairman Aydin Vahabzade said.

"To date, the bank's priority areas of lending are small and medium enterprises and consumer lending. The bank withdrew from the lending of major projects and today allocates such loans only to customers with a long and good history at the bank," Vahabzade said.

According to him, issuing consumer loans and loans for the development of small and medium enterprises is more justified, since the risk in these areas is much lower.

The bank's loan portfolio is 24.6 million manat, of which 6.28 million manat fell to consumer loans. The bank provides consumer loans at a rate of 30 percent per annum.

The bank's authorized capital is equal to 10.4 million manat and the total - more than 11 million manat.

AtraBank was established in December 1992. The main activities of the bank are the development of agricultural, textile, oil and other industries. The bank network includes 13 branches, nine of which are located in Baku and four - the country's regions.

Do you have any feedback? Contact our journalist at: [email protected]