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New development plans for Bank of Baku

31 December 1969

Shareholders and the Board of Directors of “Bank of Baku” have approved the new strategic development program of the Bank. One of the main features of the approved program is the expansion of the network of branch offices. The Bank is proposing to open 10 new branches and thus the number of branches of “Bank of Baku” in the capital city and in regions will grow by more than 50%. Furthermore, there was made a decision on the construction of the new head office premises for the Bank in Baku with an area of 10,000 square meters. Along with the above, the Bank intends to allocate special attention to such areas as application of advanced technologies, introduction of new banking products and services, improvement of the personnel potential, and maintaining the positions gained by the Bank.

In order to manage the implementation of the strategic development program and to ensure the timely achievement of the goals specified for the Bank, “Bank of Baku” introduced the position of the Chief Officer. A person to hold the position of the Chief Officer will report directly to the Board of Directors. Farid Alizada, who previously served as the Chairman of the Management Board of “Bank of Baku”, was appointed as the Chief Officer of the Bank. As a member of the Management Board of the Bank, Farid Alizada will also supervise all the affairs related to the administrative area.

Chief Officer of the Bank, Farid Alizada: “During the past years our Bank has achieved a lot of successes and the most evident demonstration of such an achievement is a loyalty of over half a million of our customers and hundreds of partners. I can also mention here the rating issued to the Bank by the international rating agency, Moody’s, which rating is the highest within its category. The new development strategy of the Bank’s business and its structure is a continuation of our success. Specific competences and full concentration will be required in order for the Bank and for us to achieve the goals associated with the new tasks prescribed for the Bank, being an ambitious and challenging process”.

Farid Huseynov, who until recently was the First Deputy of the Chairman of the Management Board of the Bank and contributed to ensuring the successful operations and continuous development of the Bank was, by the decision of the Supervisory Board, elected to the position of the Chairman of the Management Board of “Bank of Baku”.

Farid Huseynov, Chairman of the Management Board of “Bank of Baku”: “Due to the talent and efforts of our tremendously professional staff, today “Bank of Baku” is regarded as one of the leaders of the financial sector. We, by meeting strategically important goals, benefiting from technological innovations and developing our personnel potential, will be continuing our successful development “.

Editor’s Note

Open Joint Stock Company “Bank of Baku” was established on February 14, 1994 and is one of the first commercial banks of Azerbaijan. Bank has 19 branch offices and over 500,000 customers are enjoying the services of the Bank. Moody’s issued to “Bank of Baku” B2 positive rating. During the past 2 years, the value of assets of the Bank increased by 2 times and now exceeds AZN 500 mln. Capital of the Bank is more than AZN 95 mln.

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