UniBank facing challenges over global downturn

Global financial meltdown has caused problems for only one bank in Azerbaijan – UniBank.

The crisis has brought about not a threat of bankruptcy, but certain challenges for local banks, and UniBank is no exception, Aftandil Babayev, deputy board chairman of the National Bank of Azerbaijan (NBA), told the press Tuesday.

Babayev noted that UniBank has appealed to the NBA for assistance due to lack of re-financing sources. The central bank approved the request and lent 50 million manats ($61.7 million) to the bank for a period of six months. The term will be further extended, if necessary.

“But the bank is capable of repaying the amount ahead of time. The deadline fully corresponds its repayment obligations,” the NBA official added.*