Azerbaijani bank decides on foreign loans amount for 2012

Business Materials 5 January 2012 19:51 (UTC +04:00)

Azerbaijan, Baku, Jan.5 /Trend N.Ismayilova/

Azerbaijani Texnika Bank plans to attract $50 million from the international capital markets during 2012, the Bank Board Chairman Samir Huseynov told Trend on Thursday.

"These funds are planned to be spent for development of lending, particularly in retail banking, as well as small and medium entrepreneurship," Huseynov said.

He stressed that, the bank also plans to conclude a contract with international financial institution to extend lending in the first half of 2012.

Texnika Bank has been operating in the country since 1993 and has been a 100-percent Azerbaijani bank till 2007. Currently, the bank's main shareholder is World Wines that holds 75 percent of its shares. Chairman of the Bank's Observation Board Etibar Aliyev and U.S. Kazimir Investment Caspian Fund hold 15 percent and 10 percent of the shares, respectively.