BSTDB helps strengthen mortgage market in Azerbaijan

Press Release | 06-Dec-2007

BSTDB provided Technika Bank of Azerbaijan with a USD 8 million 6-year bank to bank loan for mortgage financing. The BSTDB financing will help meet a high demand for mortgage loans in Baku and other regions of the country.

“For BSTDB, the mortgage market development is a strategic priority and we are very glad to be the first IFI lending an Azeri bank with the purpose to finance residential mortgages”, stated Andrey Kondakov, Vice President Banking signing the loan agreement.

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Established in 1994, Technikabank is a universal private bank offering a wide range of banking and financial services to both corporate and retail customers. Technika bank is ranked 4th largest in Azerbaijan in terms of assets and is considered to be the leading bank of mortgage lending with an estimated market share of 30%.

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 1 billion (approx. USD 1,5 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.