Finance

Finance

AccessBank to offer highest interest on deposits

12 March 2009 08:22 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based AccessBank has changed its deposit interest policy to offer the highest rate on all deposits irrespective of the amount.
The bank said the objective of the decision is to do away with the financial status limitation among customers.
The bank achieved a 91% year-on-year rise in deposit portfolio during 2008.
Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan in September, 2008.
The new name derives from the name of one of the shareholders â€“ Access Holding which owns a 16.53% stake.
As at January 1, its assets stood at AZN 198.863 million, loan portfolio at AZN 165.941 million, deposit portfolio at AZN 17.279 million, total capital at AZN 42.863 million and authorized capital at AZN 20 million.
The bank has been in operation since 2002.