Azerbaijani bank increases mortgage lending volume six-fold
Azerbaijan, Baku, Sept. 21 / Trend A. Hasanov /
Azerbaijani Accessbank plans to increase mortgage lending in 2012 by 6.3 times, a bank told Trend on Wednesday.
"This year Accessbank plans to direct five million manat for mortgage lending, while as of 2011, the mortgage portfolio totalled 789,000 manat," the bank said.
At present, there is a great demand for this product. The banks having free funds, will actively introduce and develop mortgage lending in the near future, Accessbank said.
"This increase is associated with the introduction and development of mortgage lending and the rapid and high quality customer services," the bank said. "The portfolio of mortgage loans in AccessBank is financed by its own resources."
The loan portfolio as of January - August rose by 21.9 per cent to 360.12 million manat, including loans to physical entities of 41.28 million manat (increasing by 35.4 per cent).
The Azerbaijani Micro-Finance Bank began working in Baku on October 29, 2002.
On September 8, 2008, the bank changed its name to AccessBank. The bank's shareholders are the European Reconstruction and Development Bank, International Finance Corporation, the Black Sea Trade and Development Bank and the German Development Bank KfW (20 per cent each), Access Microfinance Holding (16.53 per cent) and LFS Financial Systems (3.47 per cent).
Official exchange rate is 0.7853 AZN/USD on Sept. 21.