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Mughan Bank to receive an IFC loan

06 February 2009 13:39 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Mughan Bank intends to receive a loan from the International Financial Corporation this year, said said Etibar Gasimli, Deputy Chairman of the Bank.
He added that the proceeds of the loan will go to mortgage loan lending.
According to him, the bank is now answering a questionnaire sent by the IFC for answers.
â€œAfter that, we will know the amount of the loan. Our bankâ€™s marketing officers are doing market research to explore which features and interest rates are appealing to customers. The interest rate, maturity period and down payment will be in accordance with the market conditions,â€ he added.
The bank plans to increase the mortgage portfolio to AZN 5 million in he first year, to AZN 15 million in the second and to AZN 25-30 million in the third year.
As of January 1, Mughan Bankâ€™s assets stood at AZN 100.747 million, loan portfolio at AZN 66.40 million, deposit portfolio at AZN 39.986 million, total capital at AZN 14.871 million and authorized capital at AZN 12 million.
Mughan Bank has been in operation since 1992. The bank operates 25 branches, 26 ATMs and