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Azerdemiryolbank to open a provincial branch

15 September 2008 11:15 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan-based Azerdemiryolbank will open a branch in Sabirabad.
The bank said a license for the establishment of a new branch has been granted by the central bank.
The new branch will provide all banking services in this region. The branch will be located at 96, Azerbaijan Avenue.
It is also intended to open branches in Berde and Masalli this year.
The bank has 27 branches and offices across the country.
As of September 1, Azerdemiryolbankâ€™s assets stood at AZN 208.47 million, loan portfolio at AZN 172.27 million, deposit portfolio at AZN 51.59 million, total capital at AZN 34.13 million and authorized capital stood at AZN 13.4 million.
Azerdemiryolbank has been in operation since 1989.
Its shareholders include the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO).