OREANDA-NEWS. December 20, 2007. Bank Respublika does not intend to decrease pace of partnership with Asian Development Bank (ADB).

Khadija Hasanova, the Bank Respublika’s chairwoman of board, said that they intend to continue discussion with ADB about raising finances.

“Next year we’ll cover new projects, besides ADB valid credit lines for trade financing and a subordinated loan. Our portfolio in co-operation with ADB is now $18 million,” Hasanova said.

Yesterday Bank Respublika and ADB co-operating since 2006 signed an agreement on a $10 million subordinated loan with 8-year repayment period for the Azerbaijani bank.

For period of co-operation within the programme of crediting for small and medium-size business ADB extended two credit lines for Bank Respublika in the total amount of $8 million.

Bank Respublika is also co-operating with European Bank for Reconstruction & Development (EBRD), International Finance Corporation (IFC), Dutch Finance Development Company (FMO), investment company DEG, Black Sea Bank for Trade & Development (BSTDB), German-Azerbaijan Forum (GAF), Raiffeisen Bank, Commerzbank AG and other international financial institutions.

Bank Respublika has been operating since May 22, 1992 and today is one of the leading banks of Azerbaijan. Among its shareholders are two large financial institutions of Germany – DEG (a member of KfW bank group) and SIDT (a member of Sparkassen-Finanzgruppe) that own a package of Bank Respublika’s shares 25% + 1 share.

As of December 1, 2007 Bank Respublika’s assets totaled AZN 229.6 million and their growth since early 2007 reached 106.3%.