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Access Bank to get $25 million syndicated loan from Europe

15 September 2008 15:50 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Access Bank plans to receive a $25 syndicated loan by the end of this year, said the bankâ€™s board chair Dr Andrew Pospielovsky.
He added that the two-tranche loan will be syndicated by at least 10 European banks, including EBRD as lead arranger.
â€œThe first tranche is expected to be available in October-November and the second in December. The proceeds of the loan will go to small and medium-size enterprises,â€ he added.
Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan this month.
The new name derives from the name of one of the shareholders â€“ Access Holding which owns a 16.53% stake.
As of July 1, the bankâ€™s assets stood at AZN 175.677 million, loan portfolio at AZN 147.560 million, deposit portfolio at AZN 10.016 million, total capital at AZN 37.589 million and authorized capital at AZN 120 million.
Microfinance Bank of Azerbaijan is owned by EBRD (20%), IFC (20%), BSTDB (20%), Access Holding (16.53%), KfW German Development Bank (20%), and LFS Financial Systems (3.47%).
MFBA has been in operation since 2002.