Bank Of Baku

Mughan Bank to receive first syndicated loan next month

Mughan Bank to receive first syndicated loan next month
# 25 August 2008 14:18 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based Mughan Bank will receive its first syndicated loan in September, said Zaur Hajiyev, audit officer of the bank.
He added that agreement has been reached with several foreign banks which will syndicate the loan.
“The loan size is expected to be $15 million. The funds will go to small and medium-sized enterprises. The loan lending ceremony will take place in Riga on September 8-14” he added.
Mughan Bank has to date received in total $20 million from foreign international institutions.
As of July 1, the bank’s assets stood at AZN 99.484 million, loan portfolio at AZN 65.636 million, deposit portfolio at AZN 30.217 million, total capital at AZN 14.878 million and authorized capital at AZN 11 million.
Mughan Bank has been in operation since 1992. The bank operates 22 branches across the country.
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