OREANDA-NEWS. February 12, 2009. Leading private commercial bank of Azerbaijan, Bank Standard (BS), is ready to run counter tendencies of the market and keep its mortgage lending operations.

At today’s Baku press conference Javid Guliyev, BS first deputy chairman of board, stated that last year despite global credit crunch they did not stop disbursal of loans, including both consumer and mortgage ones, and will hardly do that now as well.

“Moreover, we don’t plan to change conditions of mortgage lending (in the amount of up to 150,000 manats for period of up to 5 years under 15-18% per annum). As a result, our mortgage portfolio for 2008 rose by 3 million manats versus 2007,” he said.

Such crediting is conducted through BS special branch.

“For mortgage lending our Bank is using its own finances,” Guliyev emphasized.

Bank’s mortgage portfolio reached AZN 13.6 million following the past year.

Meanwhile, a range of banks in the country has curtailed mortgage lending over lack of finances, while others re-oriented foreign borrowing raised for mortgage lending for other programs.