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Azerbaijani bank prepares new loan restructuring proposals

Azerbaijani bank prepares new loan restructuring proposals

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Date: 28 December 2015 20:42

Baku, Azerbaijan, Dec. 28

By Anvar Mammadov – Trend:

VTB Bank (Azerbaijan) has prepared a new package of proposals for clients to restructure the dollar loans, Tural Veliyev, the Director of the Retail Business Development Department, member of the board of the bank, told Trend Dec. 28.

"We have already prepared a new package of proposals for the clients,” he said. “We must coordinate this issue with the head office. The clients will likely to be provided with the new terms of restructuring from January."

He said that despite the difficult situation, the bank will continue supporting its customers and look for new ways out of the situation.

Veliyev said that a huge portfolio of dollar-loans of the bank was converted into manat till December 21.

Earlier, he said that about 80 percent of the bank's loan portfolio consists of loans in freely convertible currency, but the bank plans to reduce the share of loans in foreign currency up to 50 percent and, according to the strategic plan-2016, fully convert the foreign currency loans into manat.

"Bank VTB (Azerbaijan)" is a subsidiary of "VTB Bank". The shareholders of "VTB Bank (Azerbaijan)" are "VTB Bank" and "AtaHolding". "Bank VTB (Azerbaijan)" renders the services to the corporate business, small business and private clients. Today the bank is represented by 14 subsidiaries and the Customer Service Office under the main service.

As of late September, the registered capital of the bank amounted to 50.82 million manat, total capital - 53.07 million manat. The bank's assets amounted to 369.96 million manat, the loan portfolio - 347 million manat and the deposit portfolio - 60.7 million manat for the third quarter.

The official exchange rate is 1.5561 AZN/USD Dec. 28.

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