Azerbaijan, Baku, July 24/ Trend, I. Khalilova/
"Yapi kredi Bank Azerbaijan" JSC became the authorized agency of the Azerbaijani Mortgage Fund under the Central Bank of the country, the Fund told Trend on Tuesday.
"According to the decision of the Fund, 'Yapi Kredi Bank Azerbaijan" became the 28th bank that has access to the resources of the Mortgage Fund for financing a house purchase," the fund said.
"Yapi kredi Bank Azerbaijan" has entered Azerbaijan's banking sector since 1998. The bank renders a full range of banking services to around 2.5,000 legal and 20,000 individual persons.
"Yapi Kredi Bank Azerbaijan" is the subsidiary structure of the Turkish Yapi Kredi Bankasi. The shares of the Turkish Yapi Kredi Bankasi were transferred to the Koc group (Turkey) and UniCredit Group (the current beneficiary of the International Bank of Moscow; the leader among international banking groups in Central and Eastern European markets) on parity basis.
Formally, the Turkish bank was bought by Koc ( a joint venture of Koc Group and UniCredit Group in equal possession of 50 to 50 ).
The Azerbaijani Mortgage Fund was established in September, 2005 as a state organization in accordance to the decree of Azerbaijani president. Its charter was approved by a separate presidential decree in December, 2005. The main goal of the AMF is the creation of mechanisms of financing for providing the citizens of Azerbaijan with housing through long-term financing, as well as attraction of domestic and foreign investments to mortgage financing.
To date, the authorized agencies of the Mortgage Fund are 28 banks, 21 insurance companies and 11 appraisal organizations.
