Russian bank revises plans for lending in Azerbaijan

Business Materials 11 June 2015 14:38 (UTC +04:00)

Baku, Azerbaijan, June 11

By Anvar Mammadov - Trend:

VTB Bank (Azerbaijan) plans to increase its loan portfolio by 20-25 percent by the end of 2015, director of retail business development department of VTB Bank (Azerbaijan) Tural Valiyev told reporters June 10.

The originally planned growth of the loan portfolio as compared to 2014 was 60 percent, but due to the devaluation of the manat, the bank revised its forecasts, according to Valiyev.

"We had to adjust our plans because of changes in the exchange rate of manat, but if the recently well-established stability continues further, we can go back to the original plan," he said.

Valiyev also said that since the end of July, the bank will resume lending in manats. It is expected that the share of loans in the national currency in the total portfolio of the bank at the end of the year will amount to 50 percent.

"In the first quarter, the ratio of loans in manats to the US dollars was 30 to 70 percent, in the second half of the year, we expect the ratio to be exactly the opposite - 70 percent in manat, 30 percent in dollars," said Valiyev. "In general, we expect that the share of loans in manats will be 50 percent till the end of the year."

Bank VTB (Azerbaijan) OJSC is a subsidiary of VTB Bank OJSC. The shareholders of VTB Bank (Azerbaijan) are Bank VTB OJSC and AtaHolding OJSC.

Bank VTB (Azerbaijan) OJSC renders services to clients of corporate business, small business and private clients. Today the bank has 14 branches and an office of customer service at the head office.

Edited by CN


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