Search keyword: Aqrarkredit

We include AqrarKredit's sovereign guaranteed loans of AZN9.5 billion in general government debt," the agency says. There are 26 banks operating in Azerbaijan.

This was mainly due to the government's assumption of $2.3 billion of liabilities from International Bank of Azerbaijan (IBA) in 2017 and our treatment of the sovereign guarantee on AqrarKredit loans from the CBA as part of general government debt.

Report informs, decline was related with transfer of external and domestic liabilities of International Bank of Azerbaijan OJSC  (IBA) with amount of 3 billion AZN to the Ministry of Finance and “Aqrarkredit” non-banking credit organization (NBCO).

Its authorized capital is 1 241,287 million AZN. 76,73% of its shares owned by the Ministry of Finances, 14,56% non-banking credit organization “Aqrarkredit” CJSC dealing with bank’s toxic loans, 3,76% State Committee on Property Issues, 04% 13 non-state enterprises, 4,55% - 1 759 physical persons.

The enterprise is owned by “Aqrarkredit” CJSC, non-credit organization which manages the toxic assets of IBA.

According to him, these measures include the transfer of distressed assets of the IBA to “Aqrarkredit” CJSC in the framework of the President's decree of July 15, 2015, which gave the bank liquidity in amount of 10 billion AZN.

If to take into account that Azerbaijan government holds 100% of “Aqrarkredit”s shares, we can say that state’s shares in IBA makes up 91.29%. Notably. IBA was founded in 1992. Its current authorized stock capital is 1 241.287 mln AZN. 

REPORT.AZ/ Sale of troubled assets of the "International Bank of Azerbaijan" OJSC (IBA), presented to the "Aqrarkredit" CJSC non-banking credit institution (NBCI) for management, continues.Report informs citing "Aqrarkredit", two more enterprises were put on sale.

Its authorized capital is 641 287 247.85 AZN. 54.96% of the shares owned by the Ministry of Finance acting on behalf of the Azerbaijani government, 27.26% - "Aqrarkredit” CJSC, 17.78% - non-state-owned enterprises and private shareholders.Azer-Turk Bank was established in 1995.

Notably, AzMeCo is under control of the "Aqrarkredit" CJSC non-banking credit institution due to overdue loans taken from the International Bank of Azerbaijan OJSC. The company is expected to be acquired by the State Oil Company of Azerbaijan Republic (SOCAR).