AccessBank branching out

Azerbaijan's AccessBank has opened its 34th branch in the Badamdar settlement of the capital Baku, the bank said on Friday.

The Badamdar office is a fully fledged branch providing the entire range of banking services to corporate and private clients such as current and deposit accounts, loans for small and medium entrepreneurs, consumer loans, Visa plastic cards as well as money transfers internationally and locally.

"We had an existing AccessBank branch in the Badamdar settlement since 2009. In early July this year, the branch was relocated to the Lokbatan settlement due to the proximity to clients working at the Bina and Sadarak markets," the Badamdar branch manager, Jahangir Eyubov, said at the opening.

However, the bank's management decided -- following its principle to strive for offering the best possible client service -- to restore its Badamdar branch operations due to strong demand for AccessBank's services in the Badamdar location, he said.

AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households.

AccessBank is 100% foreign owned by six shareholders: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20% per each), Access Microfinance Holding acting in microfinance field as a strategic investor (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5%).