Azerbaijani bank expands sources of funding for active lending operations

Business Materials 29 May 2012 21:42 (UTC +04:00)

Azerbaijan, Baku, May 29 / Trend A.Hasanov /

Azerbaijani Unibank is in talks with various international financial institutions for attracting loans to finance small and medium business, trade finance, chairman of the Board of Unibank Faig Huseynov said on Tuesday at the press conference timed to coincide with the signing of loan agreement with the Black Sea Trade and Development Bank.

"We are also working with the Islamic Development Bank, Asian Development Bank, German development bank KfW and other lending institutions, but in the next three months signing of any agreements is hardly expected," Huseynov said.

At present, he said, equity is enough for an active credit activity. Deposit portfolio already exceeds 200 million manat.

"Based on the results of audits on the basis of the last two years, in 2012 we expect growth in the main financial indicators of the bank by 15 - 17 percent," Huseynov said.

The bank plans this year to open two new branches in Baku - on the Darnagul highway and Khirdalan, as well as plans to open bank branches in the regions of Azerbaijan, but their exact location will be determined shortly.

Unibank was established in October 15, 2002 as a result of the merger of two private commercial banks in Azerbaijan, Mbank and Promteshbank. Unibank is a universal financial and credit institution rendering retail and corporate services. Shareholders are such financial institutions as the European Bank for Reconstruction and Development (15.1515 percent) and the German Investment Corporation DEG (8,3333 percent).