Access Bank Azerbaijan

AccessBank

Type	Closed Joint-Stock Company
Industry	Banking
Founded	29 October 2002
Headquarters	Baku , Azerbaijan
Area served	Azerbaijan
Key people	Davit Tsiklauri, Chairman of the Board
Products	Financial services
Website	www.accessbank.az

AccessBank is a bank with headquarters in Baku, Azerbaijan.

Introduction

Established in 2002, AccessBank Azerbaijan stands as a pioneering financial institution dedicated to fostering financial inclusion and supporting economic growth in Azerbaijan. With a robust network of branches (more than 30 branches) across the country, AccessBank provides a wide array of banking services to individuals and businesses, including savings and deposit accounts, loans, and innovative financial products tailored for micro, small, and medium-sized enterprises (MSMEs).

The bank's impressive growth is reflected in its valued financial data, including substantial net profits, indicative of its sound financial management and strategic initiatives. AccessBank's strong performance is underscored by key financial metrics such as total capital and total assets, which highlight its stability and resilience in the competitive banking sector.

History

AccessBank CJSC began its operations in Baku on October 29, 2002. In its early years, it was known as the Azerbaijan Microfinance Bank (AMMB). From September 8, 2008, it has been operating under the name "AccessBank". Currently, the bank has 32 branches in Baku city, Absheron, and other regions. AccessBank in Azerbaijan is primarily engaged in providing financial services to micro and small entrepreneurs, as well as to low and middle-income families.^[1]

Awards

• In 2009, it was selected by the Financial Times Sustainable Banking Awards as one of the three most stable banks in Western Europe.^[2]
• In 2009, it was rated as "Azerbaijan's Most Transparent Bank" by the rating agency" Standard & Poor’s.^[3]
• Named "Azerbaijan's Best Bank" by Global Finance in 2011, 2013, and 2015.^[4]
• Recognized as "Azerbaijan's Best Bank" by Euromoney Publishing Group from 2010 to 2014 and in 2016. ^[5]
• Awarded the “Five Diamonds” award by the Microfinance Information Exchange (MIX).^[6]
• Won two nominations in the AMCHAM CSR 2014 Excellence Award competition.^[7]
• Received the prestigious "STP Quality Award" from Raiffeisen Bank International AG in 2019 and 2020. ^[8]
• Named "Bank of the Year" by The Banker in 2011, 2012, 2015, 2016, and 2020. ^[9]

Mission of the Bank

AccessBank's mission is to contribute to the sustainable development of Azerbaijan by offering financial services and solutions to households, micro, small, and medium-sized enterprises, and by employing internationally accepted advanced practices in the banking sector. The bank emphasizes its commitment to values such as transparency and openness, professionalism, customer loyalty, teamwork, and responsibility towards society and the environment.

Strategic Objectives of the Bank

• To maintain its position as a leading provider of financial services for micro and small business clients.
• To continue increasing customer satisfaction by optimizing processes, expanding digitization, and further tailoring services to customer needs.
• To maintain strong risk management, high underwriting standards, full compliance, and internal control mechanisms.
• To invest in the development of employees for professional excellence and customer satisfaction, thereby enhancing operational efficiency.
• To ensure sustainable development and financial profitability for investors.^[10]

Bank Products and Innovations

• Since 2005, AccessBank has included deposit accounts in its services.
• From 2006 onwards, the bank expanded its product range with deposit products, retail lending, launching credit cards, installing the first ATMs, and joining the VISA card network and several other money transfer networks.
• Since September 2008, the bank has issued VISA debit cards, initiated payroll projects for employers to directly pay salaries into employees' bank accounts, and installed the first POS terminals and off-branch ATMs.
• In 2015, AccessBank successfully launched the “myAccess” Internet Banking service.
• In 2016, AccessBank introduced new multifunctional “myCard” cards.
• In 2018, the bank updated its operating system from the T24 banking system version R10 to R16.
• In 2019, the Bank approved a strategic development plan for 2020-2022.
• In 2022, AccessBank joined the Agent Banking project and the United Nations Women's Empowerment Principles (WEPs) in cooperation with the Central Bank of Azerbaijan and Azərpoçt. That same year, AccessBank carried out the first thematic bond issue for the development of the agricultural sector in the country. The bonds were issued with a volume of 5 million US dollars, for a period of 18 months, with an annual coupon rate of 5.5% and were fully placed.
• In 2023, the Bank signed a credit agreement worth 17 million AZN with the prestigious European investment company Enabling Qapital Ltd. In the same year, the Bank's deposit portfolio exceeded the 1 billion mark.^[11]

Financial Indicators

• As of the third quarter of 2023, the bank's assets reached 1.4 billion manats.
• The deposit portfolio reached 1025.6 million manats.
• The credit portfolio amounted to 992.4 million manats.
• The bank's total capital reached 133.9 million manats by the end of the third quarter of 2023, which is 2.7 times higher than the minimum requirement set by the Central Bank of Azerbaijan.
• Interest income reached 142 million manats.
• Net interest income rose to 88.7 million manats by the end of the third quarter of 2023.
• Non-interest income reached 13.4 million manats.Net operating profit reached 40.9 million manats.
• The bank's profit amounted to 29.3 million manats by the end of the third quarter of 2023.^[12]

Shareholders

• Asian Development Bank (19.90%, with privileged shares 20.33%)
• European Investment Bank (17.39%, with privileged shares 17.76%)
• International Finance Corporation (IFC) (15.86%)
• ResponsAbility MultiConcept Fund Management S.A ('responsAbility A') - 6.81%
• ResponsAbility SICAV (Lux) ('responsAbility B') - 2.01%, with privileged shares 1.97%
• ResponsAbility SICAV (Lux) ('responsAbility C') - 3.07%, with privileged shares 3.11%
• ResponsAbility SICAV (Lux) ('responsAbility D') - 0.091%, with privileged shares 0.092%
• International Finance Corporation (IFC) (15.86%)
• FMO (9.41%, with privileged shares 9.62%)
• OeEB – Austrian Development Bank (9.17%, with privileged shares 9.36%)
• SIFEM AG (8.51%)
• EFSE (2.78%, with privileged shares 2.93%)
• Green for Growth Fund (GGF) - (1.77%, with privileged shares 1.87%)
• Black Sea Trade and Development Bank (0.56%)
• LFS Advisory GmbH (0.13%) ^[13]

Supervisory Board

• Oleh Ivanychuk – Chairman of the Supervisory Board.
• George Ruble – Member of the Supervisory Board.
• Andrea Hagmann – Member of the Supervisory Board.
• Werner Klaas – Member of the Supervisory Board.
• Dariusz Kacprzyk – Member of the Supervisory Board. ^[14]

Management Board

• Davit Tsiklauri – Chairman of the Board.
• Ilkin Guliyev – Member of the Board, Executive Director on Corporate, SME and Retail Banking.
• David Alimbarashvili – Member of the Board, Chief Risk Officer.
• Orkhan Ismayilov – Member of the Board, Chief Finance Officer.
• Renat Humbetov – Member of the Board, Executive Director, Micro and Agro Businesses. ^[15]

See also

• Azerbaijani manat
• Banking in Azerbaijan
• Central Bank of Azerbaijan
• Economy of Azerbaijan
• List of banks in Azerbaijan

References

This page was last edited on 29 December 2023, at 09:43