Deutsche Bank allots $50m to top Azeri bank
BAKU – Deutsche Bank has allocated $50 million to the International Bank of Azerbaijan (IBA), the country’s leading bank, according to a recently signed agreement.
The credit line will be provided for two years, with 4.5 percent annual interest rate, Deutsche Bank’s branch in London said Tuesday.
"The transaction reflects upon our highest esteem to Azerbaijan as a key market that opens up new opportunities for us in servicing our clients," Deutsche Bank official Bob Dotson said.
IBA was established in 1992 as a successor of the Azerbaijan branch of the Foreign Economy Bank. IBA has a well-developed branch network and provides banking services to large corporate clients and, to a lesser extent, to individuals.
IBA is the only Azerbaijani bank with state participation. The state-owned share is 50.2 percent.
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