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Deka Bank may embark on self-financed mortgage loan program next year

15 January 2009 10:20 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Deka Bank may launch a self-financed mortgage loan lending program from 2010, said Niyazi veliyev, Chairman of the Bank.
According to him, negotiations with the EBRD on the launch of the program were postponed after the global financial crisis emerged.
â€œWe expect talks to restart at the end of this year. Our initial mortgage portfolio will consist of AZN 50 million from external sources. The minimum loan term will be 7 or 8 years. Other terms of the lending will be suitable to the market conditions,â€ he added.
As of October 1, Deka Bankâ€™s assets stood at AZN 27.414 million, loan portfolio at AZN 23.795 million, deposit portfolio at AZN 5.876 million, total capital at AZN 11.323 million and authorized capital at AZN 9.594 million.
Consumer loans made AZN 7.910 million because no consumer loan was lent this year.
Established in 1992, Deka Bank operates 6 branches, 1 ATM and 13 POS terminals across the country