Baku, Azerbaijan, Aug. 24
By Anvar Mammadov – Trend:
VTB Bank Azerbaijan, a subsidiary of Russia’s VTB Bank, has no plans to finance construction of housing, which is to be rented to young families in Azerbaijan, a source in the bank told Trend.
Such program wasn’t even discussed in the bank’s management, so it’s too early to talk about it, according to the source.
Earlier, Russia’s VTB Bank announced its intention to allocate 25 billion rubles (over $422 million as of Aug. 24) to finance construction of housing, which will be further rented to young families in Russia.
The source noted that VTB Bank Azerbaijan currently plans to continue active participation in issuing mortgage loans through the Azerbaijan Mortgage Fund (AMF).
“Azerbaijan’s state mortgage program helps many middle-income families to improve their living conditions,” the source noted. “VTB Bank Azerbaijan successfully cooperates with the state mortgage program, and as of July 1, 2017, the bank issued loans worth over 1.19 million manats (about $705,000 as of Aug. 24) through the AMF.”
VTB Bank Azerbaijan has been operating in the country since 1993 (at that time it was called the Kontinent Bank).