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International Bank of Azerbaijan Secures $100mln Loan

International Bank of Azerbaijan said on July 28 it has closed a $100 million three-year syndicated loan facility.

State-controlled IBA dominates all segments of the Azerbaijani banking system with market shares at end of the first quarter of 44 percent of assets and 46 percent of loans.

The loan was arranged by Credit Suisse, Halyk Bank, J.P. Morgan and MDM Bank.

Established in 1990 as the successor to the Azerbaijani branch of the USSR's Vnesheconombank , IBA is 50.2 percent owned by the Ministry of Finance of Azerbaijan.

The bank is rated BBB- by Fitch Ratings and Ba2 by Moody's Investors Service.

Source: Reuters

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