Official opening of the new Azerbaijan bank Azerkredit took place. The bank has been given license for rendering banking services based on the decision of the National Bank board in late December 2005. By the decision of the banks shareholders the first three years of operation will be the years of the institutional building for Azerkredit bank, the banks board chairman Zahir Aliyev told during the presentation ceremony.
According to him, in line with the banks short-term and the long-term strategy, the outlet to the international market, expansion of the branch network, establishing of the corporative management system and on the whole rendering all banking services is planned.
In line with the new banking legislation the bank is established as the open joint-stock company with 11 Azerbaijani physical entities as founders. The Azerkredit authorized capital is $5 million. According to the board chairman, the bank intends to carry out active marketing policy, the loan, deposit policy and introduce new banking products.