AGBank to View Orientations of Cooperation with BSBTD

Business Materials 17 February 2007 11:44 (UTC +04:00)

Azer Movsumov, the Chairman of the Board of Azerigazbank JSC (AGBank) has said Trend that the Bank is expected to resume negotiations with the Black Sea Bank for Trade and Development (BSBTD) in March, 2007.

At the end of last year, we had a correspondence with the Black Sea Bank, but in March, 2007, as soon as we submit an audit report to it, we intend to discuss orientations of our cooperation, noted Mr. Movsumov.

According to him, some $5-6 mln are expected to be attracted from BSBTD on the support the development of the small and medium-sized entrepreneurship and trade financing.

Sate-run Kapitalbank, commercial AzerDamirYolBank, TekhnikaBank, and Bank Respiblika joined the banks-partners of BSBTD in 2006.

Up to that day, BSBTD's credit lines had been open only to IBA (International Bank of Azerbaijan) (which obtained the largest credit at $6,5 mln. among the Azerbaijani banks), Microfinance Bank of Azerbaijan (MFBA), and UniBank . The Black Sea Bank also has a share in the capital of MFBA, however the number of the banks where BSBTD may be a shareholder might be extended.