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Amrahbank to get new loans from abroad

23 September 2009 15:37 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Amrahbank will attract a $10 million loan from the International Investment Bank-Bahrain this year, said Emil Mammadov, Chairman of the Bank.

According to him, the parties have already reached tentative agreement on the extension of a loan.

He said the proceeds of the loan will go to the development of small and medium-sized businesses in Azerbaijan.

â€œNegotiations have been completed. The loan agreement is likely to be signed in two monthsmâ€ he added.

Amrahbank is one of the oldest (est. 1993) and leading commercial banks of Azerbaijan. It offers a wide range of retail and corporate banking products such as deposits, loans, money transfers, documentary transactions and investment advisory services. Amrahbank is one of the most profitable banks of Azerbaijan (featuring in the top 3 banks by Return on Equity - 31 Dec 2008), has one of the largest branch networks (across Baku and different regions of Azerbaijan) and equity base. The Bank is a member of various professional organisations such as the Deposit Insurance Fund, Mortgage Fund, National Entrepreneurship Fund and Azerbaijan Banks Association. A recent strategic partnership with the International Investment Bank based in Bahrain (through a 49% shareholding), has played a key role in further developing many areas of Amrahbank including corporate governance, international cooperation and product and services quality.