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Bank of Baku launches a new loan lending programme

04 February 2009 15:47 (UTC +04:00)

Baku. Elnur Guseynguluev - APA-Economics. Azerbaijan-based Bank of Baku has launched a interest-free loan lending programme for the purchase of mobile phones.
The bank said customers pay no interest on the loan and do not make an initial contribution when they buy a mobile phone on credit at NLT Telekom and World Telekom for 6 months.
The maximum amount of a loan is $600.
To obtain a phone loan, customers need to provide their ID card and a salary certificate sealed by the employer.
As of January 1, Bank of Bakuâ€™s assets stood at AZN 183.886 million, deposit portfolio at AZN 141.607 million, loan portfolio at AZN 152.049million, total capital at AZN 25.533 million and authorized capital at AZN 6.8 million.
The bank currently operates 15 branches, 18 ATMs and 240 POS terminals. One of the first commercial banks in Azerbaijan, Bank of Baku was registered on 14 February, 1994 originally under the name of Tugay Bank. The key founder of BOB was the Turkish company Nab DÄ±ÅŸ Ticaret. On 10 February 1997, Bank of Bakuâ€™s name was changed to Bank of Baku and it was reregistered as a joint stock commercial bank in August 1997.