UniBank, EBRD Signed Second Syndicated Credit Agreement
Today EBRD and UniBank signed the second agreement for issuing of syndicated credit (A/B loan-II). Trend reports with reference to UniBank release, A/B loan crediting is s unique solution for Azeri financial market.
Total amount of the second credit for UniBankР° is $7.5mln. Apart from EBRD, the syndication involves six banks of Europe, USA and Russia. EBRDs stake in this syndication is $2.5mln. A-loan duration is three years and B-loans one year with possible prolongation of one year. The credit is purposed for SMB development.
В"I am pleased to know UniBank is currently the only private bank in Azerbaijan to have received syndicated credit from abroad. This evidences the trust in our bank and development of the entire banking systemВ", said Faik Huseynov, Chairman of Board UniBank.
The EBRD mission headed by chief banker Sardor Umurzakov is now in Baku to sign the agreement.
The first A/B loan agreement was signed April 8, 2005. This syndication, apart from EBRD, involved Austrian Creditanstalt Bank and Anglo-Romanian Bank. The first loan amounted to $5mln. From this credit link $1.5mln has been issued by EBRD for a period of three years and the remainder ($3.5mln) by Austrian Creditanstalt and Anglo-Romanian Bank for a period of one year with possible prolongation for one more year.