Bank Respublika and EBRD Ink Agreement on Syndicated Credit
Azerbaijan, Baku / corr Trend S.Babayeva / On July 26, 2007 a new agreement about assignation of syndicated credit to the sum of 24mln credit line for medium-scale and small-scale entrepreneurship lending to the amount of $5mln were signed between Bank Respublika and European Bank for Reconstruction and Development (EBRD).
Hadija Hasanova, the chairman of the Managing Board of Bank Respublika and Kurt Geiger, Director of EBRD Business Group on Financial Institutes signed the agreement.
According to Hasanova, the signed syndicated loan agreement is one of the biggest contracts in the bank sector's history in Azerbaijan. Besides, of EBRD such as Dresdner Bank (Germany), BCP (Switzerland), Raiffeisen Bank (Austria), Erste Bank (Austria), Credit Europe Bank (Netherlands), Indover Bank (Netherlands) and Cordiant Capital (Canada) and also taking part in syndicated credit.
Geiger said that the EBRD regards Bank Respublika as reliable partner. The syndicated financing sets the stage for sustainable future financing or Bank Respublika on the international capital markets, he added.
Hasanova noted that Bank Respublika cooperates with EBRD since 2004. During this period EBRD has opened for Bank Respublika six credit lines on business lending programs.
At present time assets of Bank Respubika make up AZN 175.2mln, credit portfolio AZN 126.5mln, deposit portfolio AZN 85.6mln and total capital AZN 18.3mln.