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HISTORY OF DEVELOPMENT
AGBank has been founded in 1992. At present AGBank is one of the leading banks in Azerbaijan. AGBank built its work on the protecting of client’s interests, responsibility, carefulness, and professionalism.
From 15 September 1993 AGBank develops itself as an active participant of the Baku Stock Exchange.
AGBank had been the first bank that began to finance agro industry projects from May 1997 in the frame of the RARP-1 Partnership Fund of European Union program. The bank credited four projects in total amount of 2.97 milliard manats, including the credit given for the building of the big mill in Mingacheur. Borrowed funds of RARP-1 program had been completely repaid.
In October 1998 AGBank signed the contract about the development program of AGBank with European Bank for Reconstruction and Development. The main aim of this program had been directed to combine AGBank’s work ability and management into the world standards. As the result of intense work of specialists had been formed the strategic plan and structure of the bank meeting the world standards, local conditions and peculiarities.
Since 2000 PRICEWATERHOUSECOOPERS international audit company is an official auditor of the bank.
The main activity direction of the bank is financing of production and trade sector of Azerbaijan Republic.
AGBank is the agent of International Finance Corporation of the small and middle business finance program in Azerbaijan. In 1998 AGBank was the first bank granted with the credit line within the frame of this project and had been the first in using of the first tranche in amount of 400 000 US dollars. The objects of this program had been in industry and (mill, furniture construction) service areas (typography, photographic laboratory, hairdressing saloon and etc.). The perspective credit portfolio of the bank includes projects in amount of 450 000 US dollars. In April of 2002 the bank fully repaid all liabilities of the first tranche according to the fixed schedule to IFC. During the work of this program the bank got convenient experience in financing of IFC suitable to international standards. In the bank works the Credit Committee approving all decisions of the credit risk.
According to the contract signed on 8 May 2003 between AGBank and International Finance Corporation was determined the credit line in amount of 1 200 0000 US dollars.
According to the frame agreement signed on 19 September 2003 between AGBank and European Bank for Reconstruction and Development was determined new credit line in amount of 1000000 US dollars.
On 24 September 2004 AGBank and European Bank of Reconstruction and Development signed the framework agreement. According to this agreement the bank was provided with the credit line in amount of 5 00 000 EURO. According to the investment program, funds of German-Azerbaijan Fund were directed to financing of the small and middle business enterprises.
According to the decree issued on 30 June 2004 by the Committee appointed by NBA and Ministry of Finance the bank received the permission to use funds of National Development Fund (NDF).
On 2 July 200 AGBank and NDF signed the agreement. According to this agreement AGBank was provided with the credit line in amount of 12 397 000 000 manats.
On 27 September 2004 AGBank and EBRD signed the credit contract in amount of 2 000 000 US dollars for crediting of small and middle business areas.
In August of 2005 the funds provided by EBRD had been used to the crediting of enterprises such as industry, trade, and services.
On 14 October 2005 EBRD provided the bank with additional credit line in amount of 1 500 000 US dollars.
On 14 April 2006 AGBank and EBRD signed the credit contract in amount of 2 000 000 US dollars for crediting of small and middle business areas.
On 30 June 2006 AGBank and IFC signed the credit contract in amount of 3 000 000 US dollars for crediting small and middle business areas as well as leasing operations.
AGBank was the first bank that was provided with the credit line of Export-Import Bank of Malaysia in amount of 1.5 million US dollars. The credit line had been opened for financing of trade area (support of letters of credits, granting of warranties and etc.) and post financing. This credit line affords the transfer of credits into the real money after payment. According to this program every project could be financed for two-year time.
The credit line by Exsimbank of Malaysia is directed to the financing of the import of Malaysian goods and equipment to Azerbaijan.
International accounts and correspondent relations
The bank owns correspondent accounts in USA, Germany, Russia, Netherlands,
Belgium and correspondent truck with France, Turkey, United Arab Emirates,
Israel, Austria, Latvia and other countries.
DEUTSCHEBANK TRUST COMPANY AMERICAS, NEW YORK, USA; AMERICAN EXPRESS
BANK LTD, NEW YORK ,USA; AMERICAN EXPRESS BANK LTD, FRANKFUR AM MAIN
GERMANY; COMMERZBANK AG, FRANKFURT AM MAIN GERMANY; BERLINER BANK
NIEDERLASSUNG DER BANKGESELLSCHAFT BERLIN, FRANKFURT AM MAIN GERMANY;
DRESDNER BANK AG, FRANKFURT AM MAIN GERMANY; BANK AUSTRIA CREDITANSTALT
AG, VIENA, AUSTRIA; RAIFFEISEN ZENTRALBANK OSTERREICH AG, VIENA, AUSTRIA;
FORTIS BANK N.V., ROTTERDAM, NETHERLANDS; FINANS BANK (Holland) N.V.),
AMSTERDAM, NETHERLANDS; ALFA-BANK OJSC, MOSCOW, RUSSIA; INTERNATIONAL
BANK OF AZERBAIJAN MOSCOW, MOSCOW, RUSSIA; EUROPEAN TRUST BANK, MOSCOW,
RUSSIA SOVFINTRADE COMMERCIAL BANK, MOSCOW, RUSSIA; PROMSVYAZBANK,
MOSCOW, RUSSIA; VNESHTORGBANK, MOSCOW, RUSSIA; AIZKRAUKLES BANKA,
RIGA LATVIA; PAREXBANK, RIGA, LATVIA; LLOYDS TSB Bank plc, LONDON,
UNITED KINGDOM; BANKTURANALEM, ALMATY REPUBLIC OF KAZAKHSTAN.
Applying the corporate management system in the bank
In 2004, AGBank and Azerbaijan Bank Training Center continued to work on the improving of the strategic plan and corporate management system for 2004-2007.
Operations with the plastic cards
AGBank began its associated partnership with MasterCard International payment system in 1998 and became the principal member of MasterCard International on 2 March 2004.
AGBank began its associated partnership with Visa International in 2002 and received the status of principal member of Visa International on 29 October 2006.
The bank follows active policy in development of plastic cards operations according to the strategic plan of development. Presently AGBank offers to its clients 18 varieties of plastic card products (MasterCard and Visa International). According to the present situation were issued more than 27 000 plastic cards.
The bank pays attention to customer needs and tries to lower prices for its services. That’s why AGBank found one of the ways of lowering prices and began to issue its own plastic cards.
AGBank – it is not just trusted brand name, it is the specific work style
In condition of dynamic growth of Azerbaijan, AGBank contributes its mite in the development of bank products, services and high technologies.
On June of 2004 AGBank presented its new product – AGClub. AGClub is an exclusive complex of services created by our bank for our respectable customers. AGClub is a product, which have no analogs not only in Azerbaijan but also in the world. In February of 2005 AGBank presented its new innovative product –“Wining coupon”. All owners of MasterCard and Visa plastic cards could became the owner of “Winning coupon” and receive different prizes.
In July of 2006 AGBank and Anadolu Travel issued their first co brand product – Magellan plastic card. This card combines all priorities of MasterCard Standard and bonus card.
In 2005 AGBank won the “Caspian Energy Award” in nomination of “The best Corporative bank of 2005”.
In 2006 AGBank won the business-award “UGUR” in nomination of the “The bank of the year”.
At present AGBank offers full spectrum of bank services to its clients. AGBank possesses with the modern information technologies for bank services as well as good experience in customer service. The main aim of AGBank is: to render high quality services matching to the world standards and take a leader position on the market of bank services. |
