On August 28, Joint Commercial Bank Respublika and Holland Finance Development Company FMO signed a contract on opening of a credit line totaling $10 million. It is one of the largest banks signed in the history of private bank business in Azerbaijan, Trend reports.
The contract was signed by the chairman of Board of bank Respublika Hadija Hasanova and director of FMO on Europe and Central Asia Huub Cornelisen.
The period is intended for 2 yeas, with two years of privilege. Within this program, bank Respublika will grant credits to small and medium enterprises. The amount of one credit within the program may reach $1 million.
To date, bank Respublika has received finance from the European Bank for Reconstruction and Development, Black Sea Bank for Trade and Development, Asian Development Bank and German Investment Corporation DEG.
According to the contract signed between bank Respublika and leading German finance institutions on April 28, 2005, DEG (member of bank group KfW) and Sparkassen International Development Trust (member of finance group Sparkassen-Finanzgruppe), are shareholders of the bank. They have received pack of shares in size of 25% + 1 share.