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AccessBank borrows $60 mln-syndicated loan

09 April 2014 15:19 (UTC +04:00)

Baku. Aynur Aliyeva - APA-Economics. Today, AccessBank has announced that it borrowed $60 mln-syndicated loan.

According to APA-Economics, 16 foreign banks participate in syndicate.

“This syndicate is notable for the fact that all the syndicate participants are private banks and such thing happened for the first time. This transaction was started in January 2014 with the aim to raise $25 million. However, large interest from the international investors allowed to increase the number of subscriptions. As a result, the volume of the credit line has been increased up to $60 million. The credit agreement has been signed for the term of 1 year and can be extended, while the cost of the loan makes +3.25% as per Libor interest rate”, - Hoffmann said.

In his words, this syndicated credit is intended for financing of operations on microcredit financing in the regions of the country.

“This agreement reflects the high level of invertors’ confidence not only to AccessBank but in general to the economy and banking system of Azerbaijan that is also confirmed by the fact that the agreement was reached in the first quarter of 2014 during the depreciation process in Turkey and Russia”, - AccessBank CEO Michael Hoffman said.

16 banks from 11 countries of the world took part in the syndicate. Among them are: AKA Ausfuhrkredit Gesellschaft mbH (AKA), Banca Transilvania SA, Bank ZENIT OJSC, Burgan Bank S.A.K., Credit Europe Bank N.V., Sviaz-Bank, Amsterdam Trade Bank N.V., Baltikums Bank AS, Chang Hwa Commersial Bank Ltd. (London Branch), Eurocity Bank AG, KDB BankEurope Ltd., Mega International Commercial Bank Co. Ltd. (Amsterdam Branch), Misr Bank-Europe GmbH, ŠiauliÅ³ Bankas AB, Banque de Commerce et de Placements SA, Oberbank AG.