MFI Report

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 Dış 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 İnt., 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. Hide