Negotiations between Bank Respublika and IFC on Acquisition of Share in Bank’s Capital to be Extended
Azerbaijan, Baku / corr. Trend I.Khalilova / The Head of the IFC Baku office, Aliya Azimova, said that negotiations between Bank Respublika and the International Finance Corporation (IFC) on the acquisition of a share in the capital of the Azerbaijani bank may be extended to the end of 2007. She said that negotiations are being held to acquire nearly 10% of a share of Bank Respublika. The IFC board of directors have decided to invest approximately $4.5 mln into the capital of Bank Respublika, over a period of 5 years and with a delay of payment for 2 years. The credit resources envisage supporting the development of small and medium enterprises in Azerbaijan. Foreign investors already participate in the capital of Bank Respublika. Presently 25% of shares of Bank Respublika are owned by Sparkassen International Development Trust (SIDT, member of Sparkassen-Finanzgruppe) and Deutsche Entwicklungsgesellschaft (DEG, member of the KfW banking group).