Bank Standard’s mortgage portfolio transferred to 2 banks
Baku, Azerbaijan, Oct. 5
By Azad Hasanli - Trend:
Azerbaijani Bank Standard’s mortgage portfolio has been transferred to Muganbank and NBCBank.
The Azerbaijani Financial Market Supervisory Body revoked Bank Standard’s license on Oct. 1.
After getting part of Bank Standard’s mortgage portfolio, the number of Muganbank’s mortgage borrowers exceeded 2,000 people, while the bank moved into first place in the mortgage portfolio volume.
A part of Bank Standard’s mortgage portfolio transferred to NBCBank is not reported.
According to the Azerbaijan Mortgage Fund, as of June 30, 2016, Muganbank had 1,105 active mortgage contracts, NBCBank – 452, while Bank Standard – 1,181 contracts.
Bank Standard was founded in 1995. It was one of the largest private commercial banks in Azerbaijan.
The individuals’ deposits in Bank Standard total 603 million manats (official exchange rate on Oct. 5 is 1.6115 AZN/USD), including 568 million manats of insured deposits. The total number of insured depositors in the bank is 138,000 people.
Muganbank JSC started to operate in 1992. The bank's 44 branches and 6 divisions in Azerbaijan, as well as its representative office in Moscow render every banking service to customers.
Muganbank and NBCBank have been operating since 1992.