Azerigazbank receives an $8 million loan from International Bank of Azerbaijan

Azerigazbank receives an $8 million loan from International Bank of Azerbaijan

Azerigazbank receives an $8 million loan from International Bank of Azerbaijan

The FINANCIAL -- According to APA-Economics, Azerbaijan’s Azerigazbank has received an $8 million from International Bank of Azerbaijan. The two-year loan will finance trade and other financing operations.

 

The parties have agreed not to release terms of the agreement.


Azerigasbank has to date received in total $11.5 million from IBA.


As a largest bank of the region and Azerbaijan, International Bank of Azerbaijan with a government’s 50.2% stake is also owned by the bank staff (10%) and private shareholders (40%). IBA has been in operation since 1992.


As of October 1, the bank’s assets stood at AZN 2,345.301 million, loan portfolio at AZN 1,280.481 million, deposit portfolio at AZN 1,544.505 million, aggregate capital at AZN 272.53 million and authorized capital at AZN 97.983 million.


Azerigazbank has been in operation since 1992. As of October 1, the bank’s assets stood at AZN 135.282 million, loan portfolio at AZN 90.531 million, deposit portfolio at AZN 89.545 million, aggregate capital at AZN 16.780 and authorized capital at AZN 10.350 million. The bank operates 16 branches throughout the country.