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Azerbaijan,Netherlands : IIC enters into loan agreement with ING BANK s AMSTERDAM office

July 18, 2014

Azerbaijan based International Insurance Company has announced the signing of a $3 million loan agreement with the Amsterdam office of ING Bank.

According to IIF, it is the first time this type of facility has been bolstered on the Azerbaijani insurance market and develops a new tradition of association with international financial institutions. The finance will be utilized for general purposes, involving raising the company s client portfolio, diversifying sources of income, and improving its insurance services.

Baker & McKenzie, an International law firm, delivered legal support for the transaction. The term of the loan is 370 days and it has an option to continue for the same period of time.

The International Bank of Azerbaijan has established in 2002. IIC is the largest bank in the country and one of the top 50 banks in the CIS, delivering insurance services to both individuals and corporations.

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Source: TendersInfo (India)

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