Bank of Baku / Company type: Bank

Since the time of its foundation back in 1994, and nowadays, «Bank of Baku» Open Joint Stock Company keeps to several fundamental principles of its activities. Bank supports retail business, medium and small entrepreneurs, major corporate customers and pursues the aim of improving the quality of services offered to its customers and clients. Retail sector is the main niche of operations of «Bank of Baku». Dynamics of growth of consumer loans in the country serve as a stimulus for the development of the bank.The motto of the bank – “Banking Services Close to You” – delivers the entire philosophy of the bank – we strive to be as close to customers and to their daily needs as possible. During the entire period of its activities, bank makes its contribution to the establishment and expansion of the retail business sector in Azerbaijan.«Bank of Baku» acted as a pioneer in introduction of many banking products and services into the local market, as well as in application of the most up to date overseas banking experience. It was «Bank of Baku» who first issued local credit cards allowing their holders to pay for their purchases in instalments, started issuing consumer loans through simplified procedures, found a club for its loyal customers, and developed many other novelties. By doing all these, «Bank of Baku» significantly simplified the access of ordinary people to banking products and services.During 1990’s, which are not that far away from today, almost everywhere in Azerbaijan settlements were made in cash. Because of lack of infrastructure for non-cash settlements, the path of banking loans to ordinary consumers was full of complications and obstacles. «Bank of Baku» was one of the first banks which started issuing credit cards to large numbers of consumers. Non-cash settlements represent a priority direction for the bank and «Bank of Baku» became a sort of “pathfinder” in this field. In Fall of 2011 «Bank of Baku» started Azerbaijan’s first mass “card project” called Bolkart and oriented upon huge number of ordinary consumers. Now, hundreds of thousands of individuals use credit cards issued by «Bank of Baku».Non-cash settlements by the use of plastic cards of «Bank of Baku» - is a universally recognized achievement of the bank. Regulator of the local banking sector – Central Bank of the Republic of Azerbaijan – on several occasions awarded to «Bank of Baku» the first ranking in the category of non-cash settlements.