Belarusbank offers Azerbaijani bank to participate in syndication

Business Materials 22 October 2010 18:48 (UTC +04:00)

Azerbaijan, Baku, Oct. 22 /Trend, I.Khalilova/

Belarusbank plans to offer the International Bank of Azerbaijan (IBA) to participate in the syndicated loan, the total amount of which is expected to reach $100 million, the deputy chairman of Belarusbank Gennady Gospodarik said on Friday.

"Many foreign banks, including UBS Bank, Deutsche Bank, have expressed their desire to participate in this syndication. Russian banks also displayed interest in the loan," said Gospodarik.

He said in the future, it is planned to implement joint projects with the International Bank of Azerbaijan.

"The framework agreement signed between our banks in Baku envisages cooperation in many banking spheres, as well as in customer service, both on the territory of Belarus and Azerbaijan," said Gospodarik.

The assets of Belarusbank with 99 percent owned by the state now total about $15 billion, an increase over this year from $11.5 billion.

50.2 percent of IBA shares are owned by the government and the IBA is the largest and only state-controlled bank in Azerbaijan. With total assets of $4.7 billion, IBA has a dominant position in the banking sector.