ING Provides Azerbaijani Unibank With $15 Mln Loan

Baku, Azerbaijan, Aug. 20



By Zulfiyya Gurbanova - Trend:



ING, with the assistance of Fireland Capital, has provided Unibank with a loan of USD 15 million. The funds will be directed at financing business development projects in Azerbaijan, the bank said Aug. 20.



Due to its financial performance in recent years and to being one of the leaders of Azerbaijan's banking sector, Unibank received acknowledgement from international financial institutions and rating agencies"For instance, Fitch has increased the long-term rating of Unibank from B 'stable' to B 'positive'.



The upwardly rating action has to do with the stable credit performance of the bank, according to Fitch specialists.



Fitch also emphasized the big role of Unibank in accelerating the retail and micro-lending.



Moody's Investors Service increased the outlook on the rating of Unibank to 'positive' and reaffirmed the rating of long-term liabilities of the bank at 'B2'. The financial stability rating of the bank was set at 'E+'. This agency increased the rating of Unibank in view of the adequate capitalisation and the improved approaches. In the opinion of the specialists of Moody's,



Unibank has increased the number of quality assets and attained the stable revenues over the past few years.