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Royal Bank of Baku receives next tranche from the Sturgeon Fund Ltd.

09 October 2008 14:03 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Royal Bank of Baku has received a next tranche of the loan allocated by the Sturgeon Fund Ltd. of Italy.
Zaur Ferzeliyev, Chairman of the Board, told APA-Economics that the $1.5 million tranche will go to consumer loans.
â€œAcquiring a stake in our bank last year, the Sturgeon Fund Ltd. extended a $21 million to the bank. We will receive next tranches of $1 million on October 15 and $5 million on October 30.
According to him, the next tranches of the loan will also go to consumer loans.
As of July 1, Royal Bank of Bakuâ€™s assets stood at AZN 85.067 million, loan portfolio at AZN 55.976 million, deposit portfolio at AZN 34.641 million, total capital at AZN 18.061 and authorized capital at AZN 13.941 million.
At present the bank operates 21 branches, 22 ATMs and 59 POS terminals across the country. Royal Bank of Baku was established by a U.S. citizen in 1993 as OZ Bank which was renamed in 2003.