Finance

Home page

Finance

Mughan Bank to receive an IFC loan next year

12 November 2008 09:31 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Mughan Bank intends to receive a loan from the International Financial Corporation in 2009, said Zaur Hajiyev, chairman of the audit committee at the bank.
He added that the proceeds of the loan will go to mortgage loan lending.
â€œOur bankâ€™s marketing officers are doing market research to explore which features and interest rates are appealing to customers,â€ he added.
He also noted that IFC is also extending technical assistance to Mughan Bank.
As of October 1, Mughan Bankâ€™s assets stood at AZN 91.851 million, loan portfolio at AZN 67.294 million, deposit portfolio at AZN 34.434 million, total capital at AZN 14.981 million and authorized capital at AZN 12 million.
Owned by 4 individuals, Mughan Bank has been in operation since 1992. The bank operates 23 branches, 25 ATMs and 62 POS-terminals.