Posted on February 27, 2009 - by Gavin

PRESS RELEASE: AccessBank’s Portfolio sets new records…

Microcapital

Baku, 23 February 2009 – AccessBank continues to set new records in its business lending. Today the business loan portfolio crossed the USD 200 million and 50,000 client thresholds. Almost simultaneously the Micro loan portfolio exceeded USD 100 million demonstrating the bank’s commitment to its corporate mission of providing access to financial services for micro and small entrepreneurs. It is notable that the Micro loan which pushed the portfolio over this new threshold was disbursed by the Khachmaz branch as AccessBank attaches special improtance to increasing access to financial services specifically in the regions of Azerbaijan.

AccesssBank is experiencing increased demand for its services and only during the first three week of this month the Bank has disbursed over 4,500 micro business loans for over USD 13 million. These are record figures for the bank for a three-week period. Loans for micro and small enterprises are a specialization of AccessBank. The Bank disburses loans to its customers depending on their needs starting from 100 up to one-million USD / AZN / EUR.

Dr. Andrew Pospielovsky, General Manager of AccessBank welcoming the new records said: “In the current economic climate, we are seeing only increasing demand for our services. Every day more and more businesses as well as ordinary families are turning to AccessBank in search of a reliable banking partner – a partner that can be depended upon to provide financing when needed and a partner that can be entrusted with hard-earned savings”.

AccessBank has been recognised as the most reliable private bank in Azerbaijan by Fitch Ratings (BB+) and is 100% foreign owned by six shareholders, including the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Black Sea Trade and Development Bank, KfW – the Development Bank of the German Government (20 percent share each), AccessHolding – a strategic investor in microfinance (16.5 percent), and LFS Financial Systems GmbH – a German consulting company (3.5 percent).

Source: http://www.microcapital.org/press-release-accessbank%E2%80%99s-portfolio-sets-new-records/#more-3043