Finance

Home page

Finance

Azerbaijanâ€™s largest bank will repay another $100 million in foreign debt this year

11 December 2008 10:00 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. International Bank of Azerbaijan will pay another $1 million to creditors to amortize its foreign debt obligations, said Jahangir Hajiyev, Chairman of the bank.
He added that the bank has to date repaid $660 million or foreign obligations.
â€œBy paying the planned $100 million in December will completely cover our obligations for foreign syndicated loans. After that, we have a subordinated loan left. This loan came for 8 years and one year has already elapsed. There will be no problem repaying it,â€ he added.
Jahangir Hajiyev added that the global financial crisis will not delay but further bring forward the bankâ€™s plans.
According to him, the bank intends to expand its presence in the Persian Gulf region.
â€œAs you know, we have set up a representative office there [Dubai]. We plan to open one more office. This will likely happen next year,â€ he noted.
As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
As of October 1, assets stood at AZN 4 208.654 million, loan portfolio at AZN 2 631.728 million, deposit portfolio at AZN 2 367.476 million, total capital at AZN 328.794 million and authorized capital at AZN 130.078 million.