TODAY.AZ / Business

IBA to lend mortgage loans

02 May 2007 [09:25] - TODAY.AZ
The International Bank of Azerbaijan has established a Mortgage Department to roll out the first mortgage loan this month.

PR official Rauf Aghayev told APA-Economics that the bank joined the agent lineup of Azerbaijan Mortgage Fund (AMF) but has not lent mortgage loans through funding from the AMF. Prior to this, it had issued self-funded mortgages. The bank is planning to lend at 6%-7% annually.

The State owns a 50.2% controlling stake of the AZN 59.1mln authorized capital of the IBA. The bank has 36 branches throughout the country.

URL: http://www.today.az/news/business/40326.html

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