Azerbaijan, Baku, Dec 2 /Trend N.Ismayilova/
The Azerbaijani Bank Standard plans to raise a subordinated loan of 20 million manat to strengthen the bank's capitalisation, bank CEO Salim Kriman told Trend.
"We plan to sign an agreement for the provision of subordinated debt with investors by the end of this year because we need to strengthen capital for corporate business development and retail," Mr Kriman said.
He said the total capital of Bank Standard will be increased to 80 million manat with the assistance of this loan.
"These funds will be directed at finance major corporate projects and for the development of retail services, including automobile loans, which has developed well and for loans for infrastructure projects," Mr Kriman said.
Following its establishment in 1995, Bank Standard functioned as a retail bank specialising in providing services to individuals.
Beginning in 2004, when it changed its name, Bank Standard reviewed its development plan and has changed itself into a universal commercial bank focusing on serving both individuals and the business sector and providing a broad range of financial services to its clients.
The official exchange rate for Dec 2 is 0.7865 AZN / USD.