BSTDB expands its trade finance program in Azerbaijan

News | 19-Feb-2008

BSTDB selected the Bank Standard as a financial intermediary to deliver its trade finance products in Azerbaijan.

BSTDB will extend an up to USD 8 million revolving and committed trade finance facility. Funds will be assisting Bank Standard to support additional Azerbaijani production for export, and to extend short-term trade financing to Azerbaijani companies that are trading with countries of the Black Sea region.

The operation comes in line with BSTDB’s strategy to support businesses involved in regional trade.

Bank Standard became the fourth BSTDB financial intermediary in Azerbaijan, with similar financial facilities provided earlier to International Bank of Azerbaijan, Bank Respublika and Unibank.

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Established in 1995, Bank Standard, is the largest private bank in Azerbaijan and is ranking second in the country’s banking sector in terms of market share, asset size and equity. The Bank is owned by AB Standard Closed Joint Stock Company, an entity of a group of companies, including companies engaged in manufacturing, construction, insurance, trade, travel and other activities.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 3 billion (approx. USD 4,5 billion), the Bank supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 by Moody’s.