Following an agreement reached between Credit Suisse (Switzerland) and the board of the Azerbaijan’s Bank Standard, the latter’s authorized capital will be more than trebled to AZN 50 million (about $58 million).
Credit Suisse will lend a $35 million loan to Azeri bank.
Bank Standard told APA-Economics that the loan comes for five years and doesn’t seek investment for equity stake.
The bank’s fast growth in the recent years and doubling its performance in 2006 opened the way to the authorized capital upsurge.
“Rise in the authorized capital will pave the way for the future development and opportunities. This amount is a record high in the banking sector of Azerbaijan and will help Bank Standard distinguish itself from rivals and intensify international activities,†the bank said. /APA-Economics/
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