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International Insurance Company Signs $3 Million Loan Agreement with ING Bank N.V.

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OJSC International Insurance Company (IIC or the Company) signed a $3 million loan agreement with the Amsterdam office of ING Bank N.V. (ING) on 27 June 2014.

$3 million loan was utilized by OJSC International Insurance Company last week.

This is the first time this type of assignment has been implemented on the Azerbaijani insurance market. It takes into consideration the strategic objectives for the Company's business development as well as establishing a tradition of cooperation with international financial institutions.

The borrowed funds will be used for general corporate purposes including increasing the client portfolio, diversifying sources of income, and improving the Company's insurance services.

According to the facility agreement, the term of the loan is 370 days, with the option to extend the term for the same period.

ING Bank N.V.'s lending commitment to Azerbaijan's insurer is a strong indicator of the Azerbaijan Republic's economic development and growing image as a stable and reliable partner in the world.

OJSC International Insurance Company intends to continue its work towards collaboration and development of new projects with international financial institutions.

Legal support on the transaction was provided by Baker & McKenzie, which is one of the very largest international law firms.

At Q1 2014, the total assets of ING Group, the parent corporation of ING BANK N.V., totaled EUR 948 billion. ING ranks 13th in the top 20 European Financial institutions by market capitalization.

Founded in 2002 by the International Bank of Azerbaijan, the biggest bank in the Azerbaijan Republic and one of the 50 top banks in the CIS, IIC provides services on 32 types of insurance to both individuals and corporate entities. IIC's share capital is AZN 14.8 million.

Source: IIC

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