Finance

Home page

Finance

AccessBank plans to get $40 million loan this year

06 March 2009 15:16 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. AccessBank plans to secure $40 million in loans from foreign financial institutions, said Anar Hasanov, the banking and transactions officer of the Bank.
According to him, negotiations on a $15 million loan from several financial institutions are under way now.
Proceeds of the loans will go to the development of business, micro, small and medium-sized enterprises.
AccessBank lent $20 million worth of more than 6500 credits to businesses during February alone.
Depending on the needs of clients, AccessBank lends loans in the size of AZN/USD/EUR 100 to AZN/USD/EUR 1 million.
Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan in September, 2008.
The new name derives from the name of one of the shareholders â€“ Access Holding which owns a 16.53% stake.
As at January 1, its assets stood at AZN 198.863 million, loan portfolio at AZN 165.941 million, deposit portfolio at AZN 17.279 million, total capital at AZN 42.863 million and authorized capital at AZN 20 million.
The bank has been in operation since 2002. It operates 19 branches, 19 ATMs and 40 POS-terminals.