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International Bank of Azerbaijan

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International Bank of Azerbaijan
Company typeOpen Joint Stock Company
IndustryBanking
Founded10 January 1992
Headquarters
Baku
,
Azerbaijan
Key people
Chairman of the Board Abbas Ibrahimov
Websitehttp://www.ibar.az

The International Bank of Azerbaijan (Template:Lang-az, [ɑzærbɑjˈd͡ʒɑn bɛjnælˈxɑlk ˈbɑnkə]) the largest bank in Azerbaijan, is an open joint-stock company whose shares are owned by the Azerbaijan state.

History

International Bank of Azerbaijan OJSC was founded on January 10, 1992, as a joint-stock bank. The head office of the bank is located in Baku. The International Bank of Azerbaijan is currently one of the leading banks in the South Caucasus region in terms of assets, customer base, and international operating portfolio. With 37 branches and 39 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 individuals - more than 1.3 million. The bank employs more than 1863 people.

Service network

The International Bank of Azerbaijan closely participates in large-scale state projects in such sectors as oil chemistry, transport, communications, energy and etc. and various social programs. At the same time, it actively supports the financing of large, small, and medium-sized businesses.

In 1996, the International Bank of Azerbaijan 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. IBA is a local leader in terms of the number of international payment systems that are Bank’s partners. 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.

The International Bank of Azerbaijan has the largest local network of ATM. Currently, there are about 800 ATMs, and over 13,000 POS terminals located at trade and service points covering in various regions of Azerbaijan. For the first time ever in Azerbaijan, the International Bank of Azerbaijan has provided pension and wage payments through payment cards. At present, the number of active payment cards of the bank exceeds 1 million 300 thousand.

In 2019, the International Bank of Azerbaijan introduced the multifunctional product Tamkart. In 2020, the Bank introduced IBA Miles cards to customers.

Board of Directors

IBA'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

Activity

Mutual partnership relations

"VISA PayWave", "Mastercard PayPass", NFC and Payment Rings technologies have been introduced in Azerbaijan for the first time by the International Bank of Azerbaijan.

Application of the "Zero Liability" policy within the framework of partnership with VISA is also the sole name of the International Bank of Azerbaijan.

In 2002, the Bank established a subsidiary in the Russian Federation. The Russian subsidiary currently operates under the name Bank IBA-Moscow.

In 2019, the Bank, in cooperation with its regional partner the Italian football club Juventus, introduced the market co-branded Mastercard Platinum debit cards.

Awards

In 2019, the International Bank of Azerbaijan was named the best bank of the year in the country by the well-known Euromoney magazine. In 2020, the Bank was named “The Best Bank in the Country” by Global Finance.

Projects

Implementing many social projects to support the development of innovations in Azerbaijan, the Bank created IBA Tech Academy in 2019 and held the 1st Regional Hackathon in 2020. In 2020, the International Bank of Azerbaijan created "Sahibkarlar Klubu" to support the development of small and medium enterprises, strengthen the position of the bank's corporate customers in the country's economy and expand the business of export-oriented customers.

Memberships

IBA is a member of the following professional organizations and systems:

See also

Notes

References

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