IFC extends $15 million loan to AGBank

IFC extends $15 million loan to AGBank
# 30 December 2008 15:10 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. The International Finance Corporation (IFC) is extending a $15 million subordinated loan to Azerbaijan-based AGBank.
The IFC Ofice in Baku said the facility will help strengthen the bank’s financial position.
The IFC‘s Board of Directors is due to approve the loan soon.
As of October 1, AGBank’s assets stood at AZN 217.293 million, loan portfolio at AZN 159.889 million, deposit portfolio at AZN 140.183 million, total capital at AZN 30.08 million and authorized capital at AZN 15 million.
AGBank has been in operation since 1992.
The bank has 15 branches, 4 offices, 52 ATMs and 375 POS-Terminals across the country.
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THE OPERATION IS BEING PERFORMED