Finance

Home page

Finance

Azerdemiryolbank secures a new foreign loan

12 June 2009 15:38 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Azerdemiryolbank signed an agreement with Netherlands Development Finance Company (FMO) to get a $7.5 million subordinated loan for Tier-2 capital.

The bank said this loan would help increase resource base and diversification, as well as expanding lending transactions.

Yusif Jabbarov, deputy chairman of Azerdemiryolbank, said signing a major and long-term loan agreement with one of the leading international financial institutions against the backdrop of the current economic situation in the world indicates the bankâ€™s credibility in international financial markets.

Since 2007, Azerdemiryolbank has good cooperation with FMO which owns a stake in the bank.

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.
The bank operates 29 branches, 40 ATMs and 240 POS terminals.