Azerbaijan, Baku / Trend corr I. Khalilova / Azerbaijan's Bank Standard signed a warrant letter with JP Morgan, the US investment company, for attracting ten-year loans, the President of the bank, Salim Kriman, reported on 7 September.
The campaign to attract long-term loans is intended to be implemented through the Azerbaijani bank's own mortgage program. According to Kriman, the bank plans on attracting foreign commercial bank funds for its project.
Bank Standard plans to launch a mortgage program in October. Mortgage credits will be allotted on a rather flexible system - between 12% to 18% annual interest rate. Restrictions on the amount of mortgage credits are not envisaged.
The initial cost of Bank Standard's mortgage program is assessed at AZN 50mln, the President said.
