International Bank of Azerbaijan will embark on self-financed mortgage loans next year

International Bank of Azerbaijan will embark on self-financed mortgage loans next year
# 11 December 2008 16:00 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. International Bank of Azerbaijan will embark on a self-financed mortgage program next year, said Jahangir Hajiyev, Chairman of the bank.
He added that the bank will allocate AZN 10 million for mortgage loans.
According to him, negotiations with several donors, as well as foreign financial institutions are under way.
As Azerbaijan’s and the region’s largest bank, the International Bank of Azerbaijan with a government’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.
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