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United Credit Bank will embark on self-financed mortgage programme

03 February 2009 10:15 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based United Credit Bank plans to launch its self-financed mortgage programme from the second quarter of 2009, said Vahid Aliyev, deputy chairman of the bank.
According to him, mortgage loans funded through internal and external financial resources will be lent for a period of at least two years.
The down payment, interest rate and minimum and maximum amount of a mortgage loan will be determined in accordance with the market conditions.
The bank will soon gain Azerbaijan Mortgage Fund membership.
As of January 1, the bankâ€™s assets stood at AZN 32.351 million, loan portfolio at AZN 21.049 million, deposit portfolio at AZN 7.442 million, total capital at AZN 13.506 million and authorized capital at AZN 12.108 million.
The bank operates 5 branches and 5 ATMs across the country.
Rossiyski Kredit Azerbaijani-Russian bank was established by 1 legal and 2 individual bodies in 1996 and was renamed in 1998 as United Credit Bank.