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IBAR-Int'l insurance company raises a $3 million loan from abroad first time at Azerbaijani insurance MARKET

July 3, 2014



ENP Newswire - 03 July 2014

Release date- 02072014 - The loan agreement between OJSC International Insurance Company (IIC) and ING Bank NV, one of the leading banks in the world, was signed on 27 June.

IIC informs that a $3 million loan was given to the Company in compliance with the agreement.

'For the first time a project implemented on the Azerbaijani insurance market, given the strategic objectives on Company's business development, is aimed to create a tradition of cooperation with international FINANCIAL institutions. The borrowed finances will be used for general corporate purposes, including to increase the client portfolio, diversify sources of income, as well as to improve insurance services of the Company. Under the agreement, the loan funds from the Amsterdam office of ING BANK NV are given to IIC for 370-day period. The agreement also says of the extension of loan term,' IIC said in a statement.

The Company points out that by the end of 2013 the assets of ING Group, which includes ING BANK NV and is among the 10 European and 30 international financial institutions, exceeded $1.5 trillion.

'Allocation of a loan to Azerbaijan's insurer by such a prestigious financial institution is an indicator of economic development of Azerbaijan, its growing image as a stable and reliable partner of the world,' IIC said.

The Company also stressed that currently they continue work towards cooperation with international financial institutions and develop new projects.

Founded in 2002 by the International Bank of Azerbaijan, IIC renders services on 32 types of insurance to both individuals and legal entities. IIC equity capital is AZN 14.8 million.


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Source: ENP Newswire


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