Bank Of Baku

National Bank of Azerbaijan provides a loan to UniBank

National Bank of Azerbaijan provides a loan to UniBank
# 25 November 2008 15:49 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. National Bank of Azerbaijan (NBA) has provided an AZN 50 million loan to UniBank for liquidity support, said Aftandil Babayev, Deputy Chairman of the NBA.
H added that the loan was made available to the bank for 6 months with an option of extension if need be.
He didn’t talk about the interest rate on the loan.
Last week Moody’s Investors Service lowered the outlook on the B2 long-term foreign and local currency deposit ratings of Azerbaijan-based UniBank to ‘negative’ from ‘positive’.
Moody’s said the decision to change Unibank’s outlook to ‘negative’ reflects weakening liquidity position and increased refinancing risk faced by the bank.
The negative outlook also reflects concerns about Unibank’s ability to refinance its debt obligations without having significant reduction in its business activity.
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