International Bank of Azerbaijan
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| Company type | Open Joint Stock Company |
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| Industry | Banking |
| Founded | 10 January 1992 |
| Headquarters | , |
Key people | Chairman of the Board Abbas Ibrahimov |
| Website | www |
ABB (from Azerbaijani: Azərbaycan Beynəlxalq Bankı [ɑːzæɾbɑjˈdʒɑn bejnælˈxɑlk ˈbɑŋkɯ]; International Bank of Azerbaijan), the largest bank in Azerbaijan, is an open joint-stock company whose shares are owned by the Azerbaijan state.
History
ABB OJSC was founded on January 10, 1992, as a joint-stock bank. The head office of the bank is located in Baku. ABB is currently one of the leading banks in the South Caucasus region in terms of assets, customer base, and international operating portfolio. With 59 branches and 19 sub-branches in different regions of Azerbaijan, the bank provides universal banking services to private and corporate clients. The number of legal entities served by the bank is about 18,000, and the number of individuals served totals more than 1.3 million. The bank employs more than 2700 people.
According to the Decree of the President of the Republic of Azerbaijan No. 1174 dated November 5, 2020 “On ensuring the activities of the Azerbaijan Investment Holding”, the Bank ABB Open Joint-Stock Company was transferred to the management of the Azerbaijan Investment Holding.
Service network
ABB closely participates in large-scale state projects in sectors such as oil chemistry, transport, communications, energy, etc. and various social programs. At the same time, it actively supports the financing of large, small, and medium-sized businesses.
In 1996, ABB established the processing card company "AzerCard", that served as a basis of card processing business in the country. In 1997, the Bank began cooperation with Visa and MasterCard, later the Bank expanded this activity and announced partnerships with such international payment systems as American Express, Union Pay, Diners Club, and JCB. The bank offers its customers a wide range of payment cards, such as VISA, MasterCard, American Express, and Union Pay. This bank is the first and only Bank of Azerbaijan to offer customers an opportunity to order American Express payment cards, as well as to hold operations with JCB cards.
ABB has the largest local network of ATMs consisting of more than 900 machines, and over 13,000 POS terminals located at trade and service points across Azerbaijan. For the first time ever in Azerbaijan, ABB provided pension and wage payments through payment cards. At present, the number of active payment cards of the bank is over 1.3 million.
In 2019, ABB introduced the multifunctional product Tamkart. In 2020, the bank introduced ABB Miles cards to customers.
Board of Directors
ABB's Board of Directors includes seven members:
- Chairman: Abbas Ibrahimov
- The First Deputy Chairman: Ilham Habibullaev
- Deputy Chairman: Vasif Akhmedov
- Deputy Chairman: Taleh Tahirli
- Deputy Chairman: Agshin Amirov
- Deputy Chairman: Nabi Aliyev
- Deputy Chairman: Elmir Habibullayev
Memberships
ABB is a member of the following professional organizations and systems:
- Azerbaijan Banks Association (ABA)
- Baku Stock Exchange (BSE)
- Society for Worldwide Interbank Financial Telecommunication (SWIFT)
- International payment system MasterCard International
- International payment system VISA International
- International payment system American Express
- International information system Reuters
- Azerbaijan-American Chamber of Commerce
See also
- International Bank of Azerbaijan-Georgia
- IBA-Moscow
- Azerbaijan
- Azerbaijani manat
- Banking in Azerbaijan
- Central Bank of Azerbaijan
- Economy of Azerbaijan
- List of banks in Azerbaijan
Notes
References
- Battilossi S. Financial Innovation and the Golden Ages of International Banking // Financial History Review. 2000. No. 7. pp. 141–175.
- Стратегическая Дорожная Карта по финансовым услугам в Азербайджанской Республике.
- Утверждена Указом Президента Азербайджанской Республики от 06.12.2016 года. Баку, 2016. 59 с.
- Lees F.A. International Banking and Finance. London: Macmillan, 1974. 419 p. DOI: 10.1007/978-1-349-02148-2
- Robinson S.W.Jr. Multinational Banking. Leiden: A.W. Sijthoff, 1972. 200 p. Ruckdeschel F.B. Risk in Foreign and Domestic
- Lending Activities of U.S. Banks // Columbia Journal of World Business, Winter 1975. 68 p
- International Banking in the New Era: Post-crisis Challenges and Opportunities. Ed. by S.-J. Kim, M.D. McKenzie. Bingley:
- Emerald Group Publishing Limited, 2010. 485 p.
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