Azerbaijani bank forecasts growth in assets up to 15 percent in 2011

Business Materials 6 January 2011 14:33

Azerbaijan, Baku, Jan. 6 / Trend N. Ismayilova /

Azerbaijani Amrahbank expects a 10-15-percent increase in its assets in 2011, Fazil Huseynov, a member of the bank board, director of financial management department, said.

"In 2011, the bank will focus its attention on ensuring the growth of financial indices. Moreover, the bank is also negotiating with international financial institutions to attract credit lines," he said.

He said that today the bank's assets hit about 78 million manat.

Established in 1993, Amrahbank is one of the leading commercial banks of Azerbaijan. It offers a wide range of retail and corporate banking products. Amrahbank has one of the largest branch networks and customer base in Azerbaijan.

Recent strategic partnership with the Bahrain based International Investment Bank (through a 49 percent shareholding) has played a major role in further developing many areas of Amrahbank including corporate governance, international cooperation and quality of product and services.

The official exchange rate is 0.7977 manat to $1.