BSTDB talks on acquiring stakes in Azerbaijani companies

By  Trend

The Black Sea Trade and Development Bank (BSTDB) does not plan yet to purchase new shares of enterprises and banks in Azerbaijan, a source in the bank told Trend.

The source said that the main priority today for the bank is to develop business activities by issuing loans to enterprises, rather than buying their shares.

Currently, the bank is trying to identify new business opportunities in Azerbaijan and to choose projects for crediting, the source said, adding that the BSTDB expects the audit reports of the companies for 2017 to be determined on their basis with new projects.

Meanwhile, the source noted that the infrastructure projects are of particular interest to the bank, and in this respect the BSTDB intends to continue working with municipal authorities in the countries of its presence.

Currently, the bank owns 20 percent of shares of Azerbaijan’s AccessBank and 21.39 percent of shares of SEAF Caucasus Growth Fund, which also finances projects in Azerbaijan. In total, the BSTDB owns shares in about 10 companies and banks in different countries.

The bank has been financing projects in Azerbaijan since 1999 and during this period, the bank has allocated loans worth 330 million euros for local companies.