Azerbaijan, Baku, 7 May / Trend A.Akhundov /
The Azerbaijani AG Bank plans to dramatically increase the volume of consumer credit, the bank's chairman Azer Movsumov told Trend.
"We plan to restructure the work of our less profitable branches. These will only deal with retail lending and operate under the AG Bank Express brand," Movsumov said.
According to him, the new network will be joined by three or four of bank branches in Baku and regions of the country by the year-end.
"We will make plans depending on the development of the market and the demand for these services," Movsumov said.
According to him, the volume of retail bank lending is at the level of 10 million manat which is about two to three per cent of the total loan portfolio.
"It is planned to increase this figure to 20 million manat by the end of the year," Movsumov said.
AG Bank was established in 1992. Among the bank's shareholders are the International Finance Corporation - 17.5 per cent and the Kazimir Partners Company - 10 per cent. Other shareholders constitute 69 per cent with a total share in the bank's capital of 31.81 per cent and the remaining 40.69 per cent is owned by two individuals.
The official exchange rate is 7 May 0.7845 AZN / USD.