Bank Of Baku

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

Royal Bank of Baku to receive next tranche from the Sturgeon Fund Ltd.
# 17 November 2008 08:47 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Royal Bank of Baku will receive a next tranche of the loan allocated by the Sturgeon Fund Ltd. of Italy by this year-end.
The bank told APA-Economics that the $1 million tranche will go to consumer loans.
Acquiring a stake in the bank last year, the Sturgeon Fund Ltd. extended a $21 million to the bank.
As of July 1, Royal Bank of Baku’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 28 branches, 4 offices, 3 bureaus of exchange, 24 ATMs and 75 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.
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