Finance

Home page

Finance

Amrahbank starts its mortgage program

03 July 2009 08:15 (UTC +04:00)

Baku. Elnur Huseynguliyev â€“APA-Economics. Azerbaijanâ€™s Amrahbank Joint-Stock Commercial Bank is looking forward to start its mortgage program in near future.

Chairman of the Board of Governors of the Bank Emil Mammadov told APA-Economics they are negotiating the implementation of the program with several investors, including foreign shareholder â€“ Bahrain International Investment Bank. â€œWe are planning to attract at least $5 million of investment at first. It will be our bankâ€™s mortgage loan portfolio in the first phaseâ€.

Mammadov said terms of the mortgage loans, including percentage, preliminary payment and its term would depend on the market conditions. Nearly 10 commercial banks in Azerbaijan have own mortgage programs.

Amrahbank was founded by five local physical entities (51%) and Bahrain International Investment Bank (49%) in 1993. The bank has 23 branches, 12 ATMs and 45 POS-terminals.

The bank assets reached 61, 442 mln AZN, deposit portfolio 31, 142 mln AZN, loan portfolio 39, 552 mln AZN, total capital 22, 552 mln AZN, including nominal capital 12, 821 mln AZN to April 1, 2009.