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AccessBank to open new office in Baku

09 October 2008 15:43 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based AccessBank is going to open an office in Merdakan, Baku in a few days. An application has been sent to the National bank of Azerbaijan for a license.
The bank said it is also planned to open provincial offices in Salyan, Zagatala and Jalilabad.
Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan this month.
The new name derives from the name of one of the shareholders â€“ Access Holding which owns a 16.53% stake.
As of July 1, the bankâ€™s assets stood at AZN 175.677 million, loan portfolio at AZN 147.560 million, deposit portfolio at AZN 10.016 million, total capital at AZN 37.589 million and authorized capital at AZN 120 million.
Access Bank is owned by EBRD (20%), IFC (20%), BSTDB (20%), Access Holding (16.53%), KfW German Development Bank (20%), and LFS Financial Systems (3.47%). The bank has been in operation since 2002.