State-owned International Bank of Azerbaijan said it raised $200 million, nearly double its target, in a one-year syndicated loan from international investors to use for its corporate needs.
The initial target was $125 million, the bank said in a statement.
The lead managers were Citibank, ING, RaiffeisenBank International and UniCredit Bank Austria.
The bank, 50.2 percent owned by Azerbaijan's Ministry of Finance, holds 35 percent of the country's banking assets.
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