AccessBank involves $10 mln from Symbiotics
Azerbaijan, Baku, Nov. 30 / Trend /
Today AccessBank announced that it involved credits of $ 10 million from Symbiotics company. This credit granted for a period of 3 years. The main part of the involved credits will be directed to crediting of micro, small and medium enterprises, the bank said today.
"This is an important new transaction with our long-term partner "Symbiotics" which will support the current strong growth of the Bank's lending activities to Micro and SME businesses especially in the regions of the country where the Bank is continuously expanding its outreach," AccessBank General Manager Michael Hoffmann said.
"We are very proud to make our contribution to further development of our long-time partner AccessBank Azerbaijan," Symbiotics General Director Dominique Roland said. "Through MSMEs bonds, we can cooperate with more investors and obsessing market development of micro-small enterprises, to offer a direct impact on financial institutions in the first tier of countries with developing economies."
Symbiotics company's mission is the contribution to the facilitation of access to capital and economic development at a global level, ensuring openness, social responsibility and sustainability. The company integrates socially responsible investors with micro, small and medium enterprises in low-income countries, by providing innovative investment services. Working with a variety of investors since that time Symbiotics, sent $ 1.3 billion, about half a million on the development of micro, small and medium enterprises through 150 financial institutions in 45 countries with developing economies.
AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households. 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 (2012, 2011 and 2010) 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 (20% per each), Access Microfinance Holding acting in microfinance field as a strategic investor (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5%).