OREANDA-NEWS. June 30, 2008.  The International Finance Corporation (IFC) is expanding financing of Azeri AGBank.

IFC reports that on August 1 its Board of Directors will consider a subordinated loan of up to \\$15.0 million to Azerigazbank Open Joint-Stock Company (AGB or the Bank). The investment is intended to support the Bank’s growth in retail and SME segments by expanding its capital base and lengthening the maturity of its liabilities. IFC provided three senior loans to AGB for funding the Bank’s SME lending and leasing operations in 1998, 2003 and 2006. Also, in June 2006, IFC acquired a 17.5% stake in AGB’s capital.

AGB is one of the top private banks in Azerbaijan with total assets in the amount of \\$184.8 million, net loan portfolio of \\$127.2 million and equity of \\$21.6 million as of December 31, 2007. The main shareholders of the Bank are: Mr. Chingiz Asadullayev, Mr. Farzulla Yusifov, IFC and Kazimir Caspian Fund Limited. The Bank is headquartered in Baku, Azerbaijan, and operates through its network of 13 branches and offices located in the capital city Baku and throughout Azerbaijan’s regions.