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BTB Bank becomes AMF agent

Business Materials 31 May 2011 11:32
BTB Bank has become an authorized agent of the Azerbaijan Mortgage Fund (AMF) operating under the Central Bank of Azerbaijan (CBA), the Fund reported.
BTB Bank becomes AMF agent

Azerbaijan, Baku, May 31 / Trend N.Ismayilova /

BTB Bank has become an authorized agent of the Azerbaijan Mortgage Fund (AMF) operating under the Central Bank of Azerbaijan (CBA), the Fund reported.

As a result, the number of AMF banks agents reached 23.

BTB Bank is a new bank in Azerbaijan. It passed the state registration for commercial activity in the Ministry of Taxes February 24, 2010. It received a license to conduct banking activities from the Central Bank in late March. BTB Bank was registered with a registered capital of 12 million manat.

AMF was established as a PSE in September 2005 in Azerbaijan by presidential decree. Its charter was approved by a separate presidential decree in December 2005. AMF's main purpose is to create funding mechanisms which would endorse home ownership to Azerbaijani citizens through long-term financing. It also aims to draw domestic and foreign investment toward mortgage financing.

At present, AMF's authorized agents are 23 banks, 19 insurance companies and 12 appraisal organizations.

The official exchange rate is 0.7894 manat to $1 on May 31.

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