We intend to become one of the most trusted and leading banks of Azerbaijan
- Azerbaijan Credit Bank Open Joint Stock Company was granted a license by the National Bank of Azerbaijan on December 29, 2005. Our bankâ€™s range of operation covers banking services, including correspondent accounts, loan lending deposits, services for corporate and individual customers, use of high technology and so on. However, we intend to become one of the most trusted and leading banks of Azerbaijan by bring our activities in line with customer demand and further expanding the range of services. As of October 1, Azerbaijan Credit Bankâ€™s assets stood at AZN 22.501 million, loan portfolio at AZN 20.755 million, deposit portfolio at AZN 3.509 million, aggregate capital AZN 10.541 million and authorized capital at AZN 9.644 million. Revenues for January-September reached AZN 2.775 million and expenditures reached AZN 2.171 million.
- Do you have any plans to expand the coverage in Baku and provinces?
- Well, today banks have chosen to search customers in order to increase their clientele. Now, there is a keen competition among banks to attract potential customers. Every bank increase the number of branches in the capital city and provinces year by year so as to reach more customers. Azerbaijan Credit Bank also follows this tendency and donâ€™t want to be behind others. Our bank is young and we donâ€™t have any branches or offices. However, we plan to open three branches in Baku by the mid-2008. We will also intensify efforts to have coverage in provinces.
- Which money transfer systems do you use and what is your future plan?
- As you know, banks of Azerbaijan most use Western Union, Migom, BistrayaPochta, Contact, Leader and Caspian Leader. We have offer transfer services through these systems. Taking account of the customer demand, we plan to join new money transfer systems. We are now researching customer demand to determine which transfer system we should join.
- When does Azerbaijan Credit Bank intend to have international audit and receive ratings?
- Out of 44 banks in Azerbaijan, a few have international ratings. Naturally, an increase in the international rating of the country also helps upgrade the banks. I think our bank will be able to receive international ratings in a few years. We also plan to take active part in local and foreign stock markets.
- Do you plan to establish an insurance or leasing company in the future?
- The number of insurance and leasing companies is enough for Azerbaijan now. The bank benefits from the services provided by these companies when it is necessary. In the short run we donâ€™t have any plan to create a leasing or insurance company.
- Will Azerbaijan Credit Bank initiate a mortgage lending program through its own resources?
- At present the banks, which have close cooperation with international financial institutions, launch mortgage loan lending programs without government funds. In order to lend mortgage loans, you need large loans from international institutions. Azerbaijan Credit Bank will roll out its mortgage lending program when building close elations with any international financial institutions.
- Could you give information about the development strategy for the near future?
- Azerbaijan Credit Bank plans to be a developed bank in the banking sector of the country. Our priorities are to achieve an increase in customer base, assets, to reach active presence in securities market, launch new banking products. Azerbaijan Credit Bank has recently signed an agreement with International Finance Corporation (IFC) on technical assistance. IFC, the private sector arm of the World Bank Group, has selected Azerbaijan Credit Bank Open Joint Stock Company to participate in its corporate governance program. The program will assess the bankâ€™s current practices, provide consultations on good governance, help align corporate documents with best practices, and assist in preparing transparent financial reports. /APA-Economics/
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