The Black Sea Trade and Development Bank (BSTDB) increased the revolving Trade Finance facility to TuranBank to a total of USD 14 million. The BSTDB facility to TuranBank aims to promote Azerbaijan’s export potential by extending financing to Azerbaijani exporters and importers active in the Black Sea region.
“In 2011, BSTDB started cooperation with TuranBank with a USD 4 million credit line, which has been successfully utilized. BSTDB is pleased to enhance the partnership with TuranBank, demonstrating BSTDB’s continued commitment to Azerbaijan’s foreign trade and financial sector potential” said Mustafa Boran, BSTDB Vice President Banking after the signing of the facility.
BSTDB launched its Trade Finance program in Azerbaijan in 2002 and since then has provided over USD 96 million through four partner banks in the country.
Established in 1992, TuranBank OJSC is a fully licensed private bank owned by 28 individuals and legal entities. As of end 2013, TuranBank had USD 311.2 million in assets, and around 1.2% of the market share in Azerbaijani banking sector. TuranBank’s SME and micro loan portfolio made more than 50% of its loan book in 2013. The Bank's paid-in charter capital is AZN 44 million (USD 56 million) and its total equity is AZN 50.5 million (USD 64.3 million).
Bakudaily.az
