Azerbaijan, Baku, April 7 / Trend N.Ismayilova /
Head of the Black Sea Bank for Development and Trade (BSTDB) Andrei Kondakov will pay his first official visit to Baku following his appointment to this post.
The visit is scheduled for April 12-15.
During the visit, he will examine opportunities to expand the bank's activities in Azerbaijan, particularly in the real sector. Today, the bank's activities are concentrated in the financial sector.
BSTDB opened credit lines to 10 local banks - the International Bank of Azerbaijan, Access Bank, AGBank, Unibank, Texnika Bank, Demir Bank, Kapital Bank, Azer-Turk Bank, Bank Standard and Bank Respublika.
The bank signed an agreement with ADA Almali Retail in the real sector.
Kandakov assumed his duties. Kondakov replaced Hayrettin Kaplan. Kondakov was elected president of BSTDB until 2014. Turkey has been leading the bank since its establishment.
BSTDB allocated $93.25 million through 18 contracts, while its portfolio in Azerbaijan was only about $30 million in late 2006.
Kondakov represented Russia in BSTDB in 2003-2007 and served as the bank's vice president in 2007-2010. The leadership in BSTDB transferred from Turkey to Russia in 2010.
The BSTDB President paid last visit to Azerbaijan in January 2008.
The Black Sea Trade and Development Bank has been working since June 1, 1999.
Today, Greece, Russia and Turkey remain the largest shareholders with stakes of 16.5 percent each, Romania owns 14 percent, Bulgaria and Ukraine - by 13.5 percent each, Azerbaijan - 5 percent, Albania - 2 percent, Armenia and Moldova - one percent each, and Georgia - 0.5 percent.
A manager in the Black Sea Bank from the Azerbaijani side is Economic Development Minister Shahin Mustafayev and his deputy - Finance Minister Samir Sharifov.