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==History==
==History==
AccessBank, formerly known as the Micro Finance Bank of Azerbaijan (AMMB),<ref>{{cite web |title=Micro Finance bank renamed AccessBank |url=https://www.azernews.az/business/7047.html |website=Azernews.Az |language=en |date=18 September 2008}}</ref> is a financial institution established on October 29, 2002. It was founded with support from various international financial institutions including Black Sea Trade & Development Bank, the [[European Bank for Reconstruction and Development]], [[International Finance Corporation]], [[KfW]] and LFS Financial Systems, each holding a 20 percent stake in the bank.<ref name="BANK">{{cite web|url=http://www.accessbank.az/en/page/founders.html|title=AccessBank official web page, Shareholders|publisher=|access-date=2011-11-02|archive-date=2011-11-13|archive-url=https://web.archive.org/web/20111113231157/http://www.accessbank.az/en/page/founders.html|url-status=dead}}</ref>
AccessBank, formerly known as the Micro Finance Bank of Azerbaijan (AMMB)<ref>{{cite web |title=Micro Finance bank renamed AccessBank |url=https://www.azernews.az/business/7047.html |website=Azernews.Az |language=en |date=18 September 2008}}</ref>, is a financial institution established on October 29, 2002. It was founded with support from various international financial institutions including Black Sea Trade & Development Bank, the [[European Bank for Reconstruction and Development]], [[International Finance Corporation]], [[KfW]] and LFS Financial Systems, each holding a 20 percent stake in the bank.<ref name="BANK">{{cite web|url=http://www.accessbank.az/en/page/founders.html|title=AccessBank official web page, Shareholders|publisher=|access-date=2011-11-02|archive-date=2011-11-13|archive-url=https://web.archive.org/web/20111113231157/http://www.accessbank.az/en/page/founders.html|url-status=dead}}</ref>


On September 8, 2008, AMMB underwent a name change, officially rebranding as AccessBank.<ref name=history>{{cite web|url=http://www.accessbank.az/en/page/bank_history/|title=AccessBank - History|last=Safaroff|website=www.accessbank.az|access-date=2013-04-10|archive-date=2013-04-20|archive-url=https://web.archive.org/web/20130420062253/http://accessbank.az/en/page/bank_history/|url-status=dead}}</ref> Currently, the bank has 32 branches in Baku city, Absheron, and other regions.<ref name="Branch" />
On September 8, 2008, AMMB underwent a name change, officially rebranding as AccessBank.<ref name=history>{{cite web|url=http://www.accessbank.az/en/page/bank_history/|title=AccessBank - History|last=Safaroff|website=www.accessbank.az|access-date=2013-04-10|archive-date=2013-04-20|archive-url=https://web.archive.org/web/20130420062253/http://accessbank.az/en/page/bank_history/|url-status=dead}}</ref> Currently, the bank has 32 branches in Baku city, Absheron, and other regions.<ref name="Branch" />
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==Sports sponsorship==
==Sports sponsorship==
The bank became a lead sponsor of the [[Association of Football Federations of Azerbaijan]] (AFFA) in 2010 and in 2013.<ref>[http://bbm.az/az/xbr-lenti/630-accessbank-milli-futbolun-sponsoru-oldu ''AccessBank Milli futbolun sponsoru oldu'', Banklar və Biznes, retrieved 2 November 2011] {{dead link|date=April 2013}}</ref>
The bank became a lead sponsor of the [[Association of Football Federations of Azerbaijan]] (AFFA) in 2010 and in 2013.<ref>[http://bbm.az/az/xbr-lenti/630-accessbank-milli-futbolun-sponsoru-oldu ''AccessBank Milli futbolun sponsoru oldu'', Banklar və Biznes, retrieved 2 November 2011] {{dead link|date=April 2013}}</ref>

==Products and innovations==
The bank has evolved its services since 2005, initially incorporating deposit accounts. Subsequent expansions occurred from 2006 onwards, encompassing the introduction of deposit products, retail lending, credit cards, and the establishment of ATM infrastructure.<ref>{{cite web |title=“AccessBank” istifadəyə yeni nəsil ATM-lər verir |url=https://marja.az/72698/accessbank-istifadeye-yeni-nesil-atm-ler-verir |website=marja.az |language=az}}</ref> Notable initiatives include the issuance of VISA debit cards starting September 2008, alongside payroll projects facilitating direct salary payments and the installation of POS terminals and off-branch ATMs.<ref>{{cite web |title=​AccessBank launches a new multifunctional card |url=https://report.az/en/finance/accessbank-launches-a-new-multifunctional-card/ |website=Report News Agency |language=en |date=21 June 2020}}</ref><ref>{{cite web |title=Access Bank deepen customers interface with new loyalty solution |url=https://businessday.ng/banking/article/access-bank-deepen-customers-interface-new-loyalty-solution/ |website=Businessday NG |date=21 August 2017}}</ref> The bank further broadened its offerings with the launch of the "myAccess" Internet Banking service in 2015<ref>{{cite web |title=AccessBank launches myAccess mobile banking application |url=https://report.az/en/finance/accessbank-launches-myaccess-mobile-banking-application/ |website=Report News Agency |language=en |date=21 June 2020}}</ref><ref>{{cite web |title=AccessBank has launched myAccess mobile banking application - Business portal Finance Time |url=https://www.financetime.az/english/news/news-view.php?id=17501 |website=www.financetime.az}}</ref> and the introduction of multifunctional "myCard" cards in 2016.<ref>{{cite web |title=AccessBank launched new multifunctional card – mycard - Business portal Finance Time |url=https://www.financetime.az/english/news/news-view.php?id=14977 |website=www.financetime.az}}</ref><ref>{{cite web |title=AccessBank-dan myCard Junior! |url=https://m.modern.az/az/news/322219/site_url/lang/news/cat/67 |website=modern.az |language=az-AZ}}</ref> Operational enhancements followed in 2018, with an upgrade to the T24 banking system.<ref>{{cite web |title=Bank of the Year Awards 2015 – central and eastern Europe |url=https://www.thebanker.com/Bank-of-the-Year-Awards-2015-central-and-eastern-Europe-1449142916 |website=www.thebanker.com |language=en}}</ref> In 2019, AccessBank outlined a strategic development plan for 2020-2022. In subsequent years, the bank engaged in initiatives such as Agent Banking,<ref>{{cite book |title=Asia small and medium-sized enterprise monitor 2022. Volume 1: Country and regional reviews |date=2022 |publisher=Asian Development Bank |location=Mandaluyong City |isbn=9789292698737}}</ref> adoption of the United Nations Women's Empowerment Principles, and thematic bond issuances to support the agricultural sector. Noteworthy financial milestones include securing credit agreements and surpassing the 1 billion mark in the deposit portfolio.<ref>{{cite web |title=Ranking of Azerbaijani banks unveiled based on total assets |url=https://en.trend.az/business/finance/3779475.html |website=Trend.Az |language=en |date=2 August 2023}}</ref>

==Financial indicators==
By the third quarter of 2023, AccessBank's assets totalled 1.4 billion manats, with a deposit portfolio of 1025.6 million and a credit portfolio of 992.4 million. Its total capital stood at 133.9 million manats, exceeding the minimum requirement by 2.7 times. Interest income amounted to 142 million manats, with net interest income rising to 88.7 million manats. Non-interest income reached 13.4 million manats, contributing to a net operating profit of 40.9 million manats and 29.3 million manats.<ref>{{cite web |title=AccessBank disclosed its financial statement for the third quarter of the year |url=https://abc.az/en/news/136185/accessbank-disclosed-its-financial-statement-for-the-third-quarter-of-the-year |website=Abc.az |language=ru}}</ref>

==Awards==
*In 2009, it was selected by the Financial Times Sustainable Banking Awards as one of the three most stable banks in Western Europe.<ref name="ADB">{{cite web |title=Extended Annual Review Report 2011 |url=https://www.adb.org/sites/default/files/project-documents//39930-01-aze-xarr-01.pdf |website=Asian Development Bank}}</ref>
*In 2009, it was rated as "Azerbaijan's Most Transparent Bank" by the rating agency" Standard & Poor’s.<ref name="ADB" />
*Named "Azerbaijan's Best Bank" by Global Finance in 2011, 2013, and 2015.<ref>{{cite web |title=AccessBank Wins Euromoney “Best Bank in Azerbaijan” Award for Fourth Year in a Row - Business portal Finance Time |url=https://www.financetime.az/english/news/news-view.php?id=34769 |website=www.financetime.az}}</ref>
*Recognized as "Azerbaijan's Best Bank" by Euromoney Publishing Group from 2010 to 2014 and in 2016.
*Awarded the “Five Diamonds” award by the Microfinance Information Exchange (MIX).
*Won two nominations in the AMCHAM CSR 2014 Excellence Award competition.<ref>{{cite web |title=AccessBank Receives Awards of AMCHAM CSR 2014 Excellence Award |url=https://www.oreanda-news.com/en/promyshlennost/article879065/ |website=www.oreanda-news.com |language=en |date=18 February 2015}}</ref>
*Received the prestigious "STP Quality Award" from Raiffeisen Bank International AG in 2019 and 2020.<ref>{{cite web |title="AccessBank" növbəti dəfə "STP Quality Award" mükafatına layiq görülüb |url=https://news.milli.az/economy/878305.html |website=Milli.Az |language=az |date=3 September 2020}}</ref>
*Named "Bank of the Year" by The Banker in 2011, 2012, 2015, 2016, and 2020.


==See also==
==See also==

Revision as of 07:12, 19 March 2024

For other banks with this name, see Access Bank.
AccessBank
Company typeClosed Joint-Stock Company
IndustryBanking
Founded29 October 2002
Headquarters
Baku
,
Azerbaijan
Area served
Azerbaijan
Key people
Davit Tsiklauri,
Chairman of the Board
ProductsFinancial services

AccessBank is a bank headquartered in Baku, Azerbaijan, that operates as a financial institution within the banking sector of the country. It has a network of over 32 branches across Azerbaijan, offering various banking services to individuals and businesses.[1]

History

AccessBank, formerly known as the Micro Finance Bank of Azerbaijan (AMMB)[2], is a financial institution established on October 29, 2002. It was founded with support from various international financial institutions including Black Sea Trade & Development Bank, the European Bank for Reconstruction and Development, International Finance Corporation, KfW and LFS Financial Systems, each holding a 20 percent stake in the bank.[3]

On September 8, 2008, AMMB underwent a name change, officially rebranding as AccessBank.[4] Currently, the bank has 32 branches in Baku city, Absheron, and other regions.[1]

In 2003, the bank received its first refinancing loan from the EBRD in the amount of USD 5 mln.[5] 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.[4] In 2003, the bank secured its initial refinancing loan from the European Bank for Reconstruction and Development (EBRD), amounting to USD 5 million. The following year, in 2004, the bank introduced current accounts and launched its money transfer system. Subsequently, in 2005, AccessBank inaugurated its term deposit services and became a member of international financial networks including SWIFT, Western Union, and PrivatMoney. Additionally, it obtained its first non-shareholder refinancing loans from institutions such as the Global Microfinance Facility, Blue Orchard, Deutsche Bank, Incofin, and Triodos.[3]

In the same year, the Bank expanded its operations by establishing its first regional branch in Ganja. In 2007, AccessHolding became a new shareholder, acquiring a 16.53 percent stake in the bank. This change in ownership resulted in a decrease in LFS Financial Systems' shares to 3.47 percent.[3]

Sports sponsorship

The bank became a lead sponsor of the Association of Football Federations of Azerbaijan (AFFA) in 2010 and in 2013.[6]

Products and innovations

The bank has evolved its services since 2005, initially incorporating deposit accounts. Subsequent expansions occurred from 2006 onwards, encompassing the introduction of deposit products, retail lending, credit cards, and the establishment of ATM infrastructure.[7] Notable initiatives include the issuance of VISA debit cards starting September 2008, alongside payroll projects facilitating direct salary payments and the installation of POS terminals and off-branch ATMs.[8][9] The bank further broadened its offerings with the launch of the "myAccess" Internet Banking service in 2015[10][11] and the introduction of multifunctional "myCard" cards in 2016.[12][13] Operational enhancements followed in 2018, with an upgrade to the T24 banking system.[14] In 2019, AccessBank outlined a strategic development plan for 2020-2022. In subsequent years, the bank engaged in initiatives such as Agent Banking,[15] adoption of the United Nations Women's Empowerment Principles, and thematic bond issuances to support the agricultural sector. Noteworthy financial milestones include securing credit agreements and surpassing the 1 billion mark in the deposit portfolio.[16]

Financial indicators

By the third quarter of 2023, AccessBank's assets totalled 1.4 billion manats, with a deposit portfolio of 1025.6 million and a credit portfolio of 992.4 million. Its total capital stood at 133.9 million manats, exceeding the minimum requirement by 2.7 times. Interest income amounted to 142 million manats, with net interest income rising to 88.7 million manats. Non-interest income reached 13.4 million manats, contributing to a net operating profit of 40.9 million manats and 29.3 million manats.[17]

Awards

  • In 2009, it was selected by the Financial Times Sustainable Banking Awards as one of the three most stable banks in Western Europe.[18]
  • In 2009, it was rated as "Azerbaijan's Most Transparent Bank" by the rating agency" Standard & Poor’s.[18]
  • Named "Azerbaijan's Best Bank" by Global Finance in 2011, 2013, and 2015.[19]
  • Recognized as "Azerbaijan's Best Bank" by Euromoney Publishing Group from 2010 to 2014 and in 2016.
  • Awarded the “Five Diamonds” award by the Microfinance Information Exchange (MIX).
  • Won two nominations in the AMCHAM CSR 2014 Excellence Award competition.[20]
  • Received the prestigious "STP Quality Award" from Raiffeisen Bank International AG in 2019 and 2020.[21]
  • Named "Bank of the Year" by The Banker in 2011, 2012, 2015, 2016, and 2020.

See also

References

  1. ^ a b "The level of digitalization of AccessBank's business clients is at an all-time high - Business portal Finance Time". www.financetime.az.
  2. ^ "Micro Finance bank renamed AccessBank". Azernews.Az. 18 September 2008.
  3. ^ a b c "AccessBank official web page, Shareholders". Archived from the original on 2011-11-13. Retrieved 2011-11-02.
  4. ^ Safaroff. "AccessBank - History". www.accessbank.az. Archived from the original on 2013-04-20. Retrieved 2013-04-10.
  5. ^ "EBRD provides loan to AccessBank to finance MSMEs in Tajikistan". ebrd.com.
  6. ^ AccessBank Milli futbolun sponsoru oldu, Banklar və Biznes, retrieved 2 November 2011 [dead link]
  7. ^ ""AccessBank" istifadəyə yeni nəsil ATM-lər verir". marja.az (in Azerbaijani).
  8. ^ "​AccessBank launches a new multifunctional card". Report News Agency. 21 June 2020. {{cite web}}: zero width space character in |title= at position 1 (help)
  9. ^ "Access Bank deepen customers interface with new loyalty solution". Businessday NG. 21 August 2017.
  10. ^ "AccessBank launches myAccess mobile banking application". Report News Agency. 21 June 2020.
  11. ^ "AccessBank has launched myAccess mobile banking application - Business portal Finance Time". www.financetime.az.
  12. ^ "AccessBank launched new multifunctional card – mycard - Business portal Finance Time". www.financetime.az.
  13. ^ "AccessBank-dan myCard Junior!". modern.az (in Azerbaijani).
  14. ^ "Bank of the Year Awards 2015 – central and eastern Europe". www.thebanker.com.
  15. ^ Asia small and medium-sized enterprise monitor 2022. Volume 1: Country and regional reviews. Mandaluyong City: Asian Development Bank. 2022. ISBN 9789292698737.
  16. ^ "Ranking of Azerbaijani banks unveiled based on total assets". Trend.Az. 2 August 2023.
  17. ^ "AccessBank disclosed its financial statement for the third quarter of the year". Abc.az (in Russian).
  18. ^ a b "Extended Annual Review Report 2011" (PDF). Asian Development Bank.
  19. ^ "AccessBank Wins Euromoney "Best Bank in Azerbaijan" Award for Fourth Year in a Row - Business portal Finance Time". www.financetime.az.
  20. ^ "AccessBank Receives Awards of AMCHAM CSR 2014 Excellence Award". www.oreanda-news.com. 18 February 2015.
  21. ^ ""AccessBank" növbəti dəfə "STP Quality Award" mükafatına layiq görülüb". Milli.Az (in Azerbaijani). 3 September 2020.
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