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Mugan Bank to expand coverage area

Mugan Bank to expand coverage area

29 June 2009 15:47 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Mugan Bank plans to xpand its branch network by 20 this yar, said Elmir Hasanov, Chairman of the Board.

According to him, the bank intends to set up 2 branches in Baku and three branches in provinces this year to bring the number of branches to 30.

He said paperwork for license will soon be submitted to the Central Bank for approval.

The bank operates 25 branches, including 17 branches in Baku.

Owned by four individuals Mugan Bank has been in operation since 1992.
As of 1 April, assets amounted to AZN 108.783 million, deposit portfolio - AZN 44.170 million, credit portfolio - AZN 69.753 million, total capital - AZN 20.428 million authorized capital stock â€“ AZN 18 million.

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