Azerbaijan, Baku, Jan. 15/ Trend , N. Ismayilova/ TBC Kredit non-bank credit organization of Azerbaijan gradually resumes lending suspended in October 2008. It is also going to resume mortgage lending it has launched in 2003, deputy director of the organization Azhdar Aliyev said.
In 2008, TBC Kredit reconsidered terms of mortgage and consumer lending on numerous occasions due to market situation and stepped up interest rate 5 to 6 percent.
The mortgage lending was carried out at interest rate of 16 percent per year following 2 percent cut in March 2008. However, this indicator was increased to 22 percent in June. The term of lending was reduced from 120 months to 87 and later to 48 months.
"One of the organization's priorities for 2009 will be financing business projects to promote medium and small businesses in Azerbaijan which is especially important on the backdrop of changing economy," Aliyev said.
He said TBC Kredit's tariff policy will keep up pace with ongoing economic processes and tariffs will meet market conditions.
TBC Кredit regularly receives financial support from its founders - Georgian TBC Bank and American ShoreBank.
Its credit portfolio totals $18.5 million, 15 percent of which focuses on consumer lending, 42 percent - mortgage lending and 43 percent - business lending.
ShoreBank International Ltd., part of ShoreBank Corporation (USA), was the only founder of TBC Кredit until late 2007. Georgia's largest TBC Bank acquired 75 percent of organization's capital at $7.5 million in December 2007.
TBC Кredit's authorized capital totals $10 million.
Have any feedback? Contact our journalist at: [email protected]
