Azerbaijan’s largest bank raises deposit rates for corporate customers

Azerbaijan’s largest bank raises deposit rates for corporate customers
# 08 October 2008 10:11 (UTC +04:00)
Baku. Elnur Huseynguluev - APA-Economics. International Bank of Azerbaijan (IBA) has moved to raise interest rates on deposits put by corporate clients.
The bank said the rise in rates will apply to the deposits in nationals and foreign currencies (euros and dollars).
New interest rates vary depending on the duration, type and currency of deposits.
Also, depending on the amount of a deposit, bonuses are available for customers.
For example, rates on deposits in manat and U.S. dollar made by legal entities are available from 6% per annum and from 4.8% per annum for deposits in euro.
The highest dividends are offered on two-year deposits – from 10% for deposits in manat and dollar and from 8% for euros and the lowest interest rate is 1% on demand deposits.
As Azerbaijan’s and the region’s largest bank, the International Bank of Azerbaijan with a government’s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
As of July 1, the bank’s assets stood at AZN 3 635.842 million, loan portfolio at AZN 2 602.101 million, deposit portfolio at AZN 1 949.376 million, total capital at AZN 270.645 million and authorized capital at AZN 100 million.
International Bank of Azerbaijan has been in operation since 1992.
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