Azerbaijani Bank expects 6-fold increase in mortgage portfolio in 2012
Azerbaijan, Baku, July 13 /Trend A.Hasanov/
Azerbaijani AccessBank plans to increase its mortgage portfolio by more than six times in 2012 compared to last year, the bank told Trend on Friday.
"Initially, we set the level at four million manat, but given the strong demand for mortgage loans we forecast the increase of the portfolio by five million manat," the bank said
The total amount of mortgage loans issued by the bank in the first half of 2012 amounted to 2.3 million manat, which is almost three times more compared to 2011.
"The Bank provides mortgage loans in the frame its own program, and has no plans to connect to the Azerbaijan Mortgage Fund. The bank attracts funds for mortgage lending and to finance other products both from local and overseas markets," AccessBank said.
Under the terms of the bank, the maximum amount of the mortgage loan is 100,000 manat, at a minimum rate of 12 percent per annum and a term of 10 years.
The Bank's strategy focuses on small and medium entrepreneurship. The Bank provides a full range of financial services that meet customer needs.
AccessBank is recognized as the most reliable bank in Azerbaijan by Fitch International Ratings ('BB+ Outlook Stable'), and as "The best bank in Azerbaijan" by Global Finance (2011) and Euromoney (2010 & 2011) in their annual awards as well as "The Bank of the Year" by The Banker (2011). AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government, Access Microfinance Holding acting in microfinance field as a strategic investor, and LFS Financial Systems GmbH - a German consulting company.
Official exchange rate on July 13 is 0.7855 AZN/USD