Finance

Home page

Finance

Access Bank to get the first tranche of syndicated loan this month

08 October 2008 15:26 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Access Bank is going to receive the first $7 million tranche of a $25 syndicated loan from European banks.
The bank said the first tranche will be made available in mid-October and the second tranche will come by the end of this year.
The two-tranche loan was syndicated by at least 10 European banks, including EBRD as lead arranger. The proceeds of the loan will go to small and medium-size enterprises.
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.
Access Bank is owned by EBRD (20%), IFC (20%), BSTDB (20%), Access Holding (16.53%), KfW German Development Bank (20%), and LFS Financial Systems (3.47%). The bank has been in operation since 2002.