OREANDA-NEWS. On December 17, 2007 an agreement granting a subordinated credit was signed by Bank Respublika and Asian Development Bank in Bank Respublika’s head office, reported the press-centre of Asian Development Bank.

On the basis of the agreement, the Asian Development Bank has granted Bank Respublika a subordinated credit of 10 million USD with a repayment period of up to 8 years.

Bank Respublika and ADB have been cooperating since 2006. During this period, under the crediting program for small and medium businesses, ADB opened 2 credit lines, totaling US$ 8 million, for Bank Respublika.

Bank Respublika also cooperates with the European Bank for Reconstruction and Development (EBRD), the International Financing Corporation, the Netherlands Development Finance Company (FMO), DEG German Investment Company, the Black Sea Trade and Development Bank (BSTDB), German-Azerbaijani Foundation (GAF), Raiffeisen Bank, Commerzbank AG and other international financial institutions.

Bank Respublika began operating on May 22nd 1992 and is now one of Azerbaijan’s leading banks. The Bank’s shareholders include 2 of Germany’s largest financial institutions, DEG, a member of the KfW banking group, and SIDT, a member of Sparkassen-Finanzgruppe, both of which hold 25% +1 share of the Bank.

As at December 1st 2007, Bank Respublika’s assets totaled 229.6 million AZN, reflecting an increase of 106.3% from the beginning of the year.