AccessBank Azerbaijan
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| Closed Joint-Stock Company | |
| Industry | Banking |
| Founded | 29 October 2002 |
| Headquarters | Baku, Azerbaijan |
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Area served
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Azerbaijan |
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Key people
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Michael Hoffmann, General Manager and Chairman of the Board |
| Products | Financial Services |
| Website | www.accessbank.az |
AccessBank is a bank with headquarters in Baku, Azerbaijan.
History
The bank was founded on 29 October 2002 as the Micro Finance Bank of Azerbaijan by Black Sea Trade & Development Bank, European Bank for Reconstruction and Development, International Finance Corporation, KfW and LFS Financial Systems sharing 20 percent of the equity each.[1]
In 2003, the bank received its first refinancing loan from the EBRD in the amount of USD 5 mln. The current accounts and the money transfer system were launched in 2004. In 2005, the term deposit launched and the bank joins the international SWIFT, Western Union and Privat Money money transfer networks. Moreover, it receives the first non-shareholder refinancing loans from Global Microfinance Facility, Blue Orchard, Deutsche Bank, Incofin, and Triodos. At the same year it opens the first regional branch in Ganja. In 2007, AccessHolding joins as a new shareholder and owns 16.53 percent of the equity decreasing LFS Financial Systems' shares to 3.47 percent.[2]
In 2008, Micro Finance Bank of Azerbaijan renamed AccessBank. In the same year, the BB+ rating first received from Fitch Ratings – the highest rating of any private bank in Azerbaijan and matching the country ceiling.[2] In 2010, AccessBank opens five new branches, including three in the regions and two in Baku, and a building purchased for the new Head Office.
Awards
The bank was named one of the three most sustainable banks of Eastern Europe in the 2009 Financial Times Sustainable Banking Awards. Moreover, AccessBank CEO named ‘Banker of the Year’ in Azerbaijani Business Awards in 2010. The bank also awarded ‘5 Diamonds’ by the Microfinance Information Exchange for transparency which is the highest level available.
Euromoney named AccessBank the Best Bank in Azerbaijan in annual 'Awards for Excellence'. Standard & Poor's rating agency ranked the bank as the most transparent bank in Azerbaijan.
Sports sponsorship
Since 2010, AccessBank is a lead sponsor of the AFFA.[3]
See also
- Banking in Azerbaijan
- Central Bank of Azerbaijan
- List of banks in Azerbaijan
- Azerbaijani manat
- Economy of Azerbaijan
