Bank Of Baku

Azerdemiryolbank gets a 2.4% share in Azeri deposit market

Azerdemiryolbank gets a 2.4% share in Azeri deposit market
# 14 April 2009 11:57 (UTC +04:00)
Baku. Elnur Huseynguluyev - APA-Economics. As of April 1, Azerbaijan-based Azerdemi9ryolbank posted its deposit portfolio at AZN 62.6 million, including personal deposits reaching AZN 43.4 million.

The bank said $15.78 million worth of more than 1 300 new deposit accounts were opened over the past six months alone.

The bank launched four new deposit products – Yellow, Red, Blue and Green in August 2008. The highest interest rate is 18.75%.

New deposits accounted for 53% of the total deposits. Since the launch of new deposit products, an average deposit in the bank grew by 17% to AZN 11 000. Azerdemiryolbank’s share in the country’s deposit market rose to 2.4% from 2.18%.

As of April 1, Azerdemiryolbank’s assets stood at AZN 209.32 million, loan portfolio at AZN 160.35 million and total equity capital at AZN 39.62 million.

Azerdemiryolbank has been in operation since 1989. The European Bank for Reconstruction and Development (EBRD) holds a 25%+1 stake in the bank, leaving 10% to the Netherlands Development Finance Company (FMO), 10% to legal entities and the rest to about 850 individuals.
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