Central bank provides Azerbaijani biggest bank with subordinated loan

Azerbaijan, Baku, Feb. 15 / Trend N. Ismayilova / The bank has attracted 150 mln. manat subordinated loan from the Central Bank of Azerbaijan Republic for a period of 5 years. Special subordinated loan according to "Bank's Capital and its Adequacy Precudures" will count into Tier I Capital, the information provided by the press-service of International Bank of Azerbaijan said today. "Thus, International Bank of Azerbaijan would be able to improve its capitalization and liquidity position making use of long term funding from the government," the statement said. The International Bank of Azerbaijan is a quasi-bank. At present, its main shareholder is the Azerbaijani government, which owns 50.2 percent stake, 49.8 percent is owned by private physical and legal entities. The official exchange rate is 0.7861 AZN/USD on Feb. 15. Do you have any feedback? Contact our journalist at agency@trend.az