Shareholders of Bank Respublika are continuing negotiations with the International Finance Corporation (IFC) on the acquisition of the pack of shares in the capital of the Azerbaijani bank. The Chairwoman of the Executive Board of the bank, Hadija Hasanova, informed Trend that the shares which will be given to the IFC have not been defined as yet. Taking into consideration the importance of the situation, it will be resolved after auditing the results of 2006, Hasanova said. The auditor report is prepared by the International Auditor Company Deloitte.
The IFC has decided to invest nearly $4.5 mln in the capital of Bank Respublika. In addition, the IFC will open a credit line to the bank totaling $1.5 mln for a period of 5 years. According to Hasanova, the contract on the credit line is expected to be signed within the quarter. The credit sources are intended for the development of small and medium enterprises in Azerbaijan.
The capital of Bank Respublika is already shared by foreign banks. At present 25%+1 share of the bank belongs to Sparkassen International Development Trust and Deutsche Entwicklungsgesellschaft.