Bank of Baku - Azerbaijani Newspapers

Bank of Baku
Short historical review

We thought of values a bank can provide to you;

You,

Appreciate your time, high quality service and accuracy!
Wish to have rapid solutions to all matters associated with your business!
Treat timely settlements with your counter-parties as a reflection of your reliability and good faith!
Deal with large amounts of money in your business and therefore wish to enjoy favorable charges with respect to various bank services!
Pay special consideration to the opportunity to make convenient, safe and efficient use of your funds!
These are what an entrepreneur or a manager expects from his bank. We were sure to be able to satisfy such needs and thus established «Bank of Baku».

We established a bank which is able to meet all of your such needs;
On February 14, 1994 we got official registration under the name «Tuqay» as one of the first commercial banks in the country. 3 years later, several individuals and NAB Dýþ Ticaret of Turkey, who were the participants of the bank, resolved to change the name of the bank and to have it known as Joint Commercial Joint-Stock Bank «Bank of Baku». We started making confident steps towards getting this name known both in Azerbaijan, as well as abroad. .

We become known both in Azerbaijan and abroad;
In December 1998 the bank was, for the first time, audited by Arthur Anderson in accordance with international standards and since that time the bank is being audited in accordance with international audit standards on an annual basis. We wish to note that currently the auditors of the bank are «Delloitte & Touche», being one of the largest audit firm worldwide.

As a result of correct and purpose-oriented activities, within a short period of time, we were able to be recognized by international financial institutions and started cooperation both in the area of opening of correspondent accounts, and also in relation to provision of services and exchange of experience within framework of various projects. Currently, we are conducting banking transactions with almost 50 banks from more than 10 countries worldwide. Among others we can mention American Express Bank, Dresdner Bank AG, KBC Bank, Raiffeisen Zentral Bank, Fortis Bank, Alfa Bank, ParexBank and many others.

Furthermore, we are successfully cooperating within framework of various projects with various international financial establishments operating in Azerbaijan, including, the Germany-Azerbaijan Fund, International Cooperation Fund of Saving Banks of Germany, European Bank for Reconstruction and Development, International Financial Corporation, Master Card Ýnt., etc.

New trend in activities of the bank;
In accordance with the new long-term development strategy approved by the shareholders of the bank in 2001, we made a significant revision with respect to our activities and concentrated ourselves on retail banking, as well as provision of banking services to small and medium businesses.

In accordance with the approved strategy, we established a number of important goals for ourselves:
Improvement of corporate governance
Expanding the range of financial goods and services complying with modern standards
Development of the client oriented policy
Application of the most recent technologies in operations of the bank
Expansion of the branches network.
Although, with due consideration to standards prevailing within the banking services sector, we got engaged into an absolutely new market segment, within a short period of time we managed to gain the trust and recognition of private customers and corporate clients. As a result, during banking activities, the number of our customers highly increased and now reaches 140 thousand.

We prefer young personnel;
Appropriate and perspective oriented personnel policy is considered to be one of the principles of our Bank. Criteria applied at the stage of hiring new employees and conditions created to our staff members for the purpose of building and developing their career, makes it necessary to have relations with each employee being based upon the principle of mutually beneficial cooperation.

As an example of permanent activities being carried out for the purpose increasing the professionalism of our staff, we can refer to participation in seminars and conferences organized by local and foreign specialists, as well as in training courses, and also to improvement of activities of young personnel at the start-up stage of their work in the bank and at later stages through training via special instructions being arranged by experienced professionals of the Bank.

We tried to come closer to our clients;
Expansion of the branches network has its own important place in the development strategy of our bank. Each of our current 14 branches points is able to provide our clients with full range of banking services.

We operate not only throughout the capital city, but also we have started to penetrate into regions since end of 2006

We entered a new 10 year period with new aims;
Earlier this year our Bank celebrated its 14- th anniversary. Our achievements attained during the past time and our current standing in the banking sector of the country, and, what is more important, the level of satisfaction of our clients with various banking products and services provided by our Bank, makes it possible to say that we are on the correct path. Another piece of news which makes it possible to look into the future with optimism is the merger in 2004 with «Ýlkbank»Commercial Bank and subsequent formal expression by the European Bank for Reconstruction and Development of their interest in subscription to the shares of the Bank formed following the merger.

We became a winner;

“Bank of Baku” OJSC was awarded the “National Internet Award – Netty 2007” for “The Best Corporate Bank”

“Neftchilar” branch of Bank became a winner of the program “Top Country Teams – The best Country Teams of 2007”. The program was held by Western Union.

We try for convenience of clients;

Bank started introduction of the"Cash in" devices for convenience payment of debts.

Bank has successfully tested and launched its WAP-site known as wap.bankofbaku.com. Now customers are able to ask their question via mobile phone and get the detailed information on products , bank services as well

The “ Support Center of the “ Bank of Baku”s cardholders ” was established.

For convenience of utility payments, Bank joined to APUS (Automatized Payment of Utility System).

Bank has joined to the Visa International;

Bank bec a me a Principal Member of “Visa International” and g o t the privileges of the card emission as VISA Electron, VISA Classic and VISA Gold.

We hope that during the coming years, we, along with maintaining our current customs, through our achievements will also have our say in the banking sector both in Azerbaijan and abroad.