Azerbaijani credit organization discloses data on restructured loans

Finance Materials 1 June 2020 12:52 (UTC +04:00)
Azerbaijani credit organization discloses data on restructured loans

BAKU, Azerbaijan, June 1

By Fidan Babayeva - Trend:

Following the signing by President Ilham Aliyev in 2019 of the decree on additional measures on solution of the issue on soured loans to individuals, the Finex Kredit Non-Bank Credit Organization (NBCO) OJSC restructured loans totaling 324,051 manat ($190,618), Chairman of board of the NBCO Rashad Gasimov told Trend.

Since February 28, 2019 up to day, the organization has restructured 68 loans, the chairman said.

“Our credit organization issued loans in the amount of 708,210 manat ($416,594) in the service sector. During its existence, the NBCO issued 1,084 agro loans totaling 3.5 million manat ($2 million),” Gasimov emphasized.

Gasimov noted that negotiations are currently underway on obtaining funds for the issuance of soft loans in the amount of about 1 million manat ($588,235), adding that the organization has a large stable diversified client base, which is growing annually.

Finex Kredit has been operating since 2013 and builds its activities on the basis of the principles of transparent partnership in accordance with modern international financial standards.

Over the years, the organization is growing steadily, increasing profit every year. New branches are opened in Baku and in the regions. Presently, the organization has 11 points of sale with its head office in Baku.

(1 USD = 1.7 manat on June 1)


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