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Azerbaijani bank draws funds from Bank im Bistum Essen

Business Materials 20 April 2011 13:49 (UTC +04:00)

Azerbaijan, Baku, April 20 / Trend N. Ismayilova /

Azerbaijani TuranBank drew a credit line worth $ 1.5 million from the German Bank im Bistum Essen, the bank said.

"The funds raised from the new partner of the bank - German Bank im Bistum Essen - will be aimed at strengthening the microfinance portfolio of TuranBank", a message said.

According to the report, the bank is expanding its network of partners within the strategy of micro-financing and developing international relations.

TuranBank has 25 shareholders of which five are legal entities (21.8 percent) and 20 are physical entities (78.2 percent).

Bank im Bistum Essen is a member of regional, interregional and international banking communities for 40 years. Union Investment, Bruderhilfe Pax Familienfürsorge, Bausparkasse Schwäbisch Hall are its partners. At present, the bank has more than 11,500 customers worldwide.

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