Who we are and what we do
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.
Relations with customers and clients
Being of the key banks in the area of lending, «Bank of Baku» pays special attention to its relations with customers and clients. Bank communicates with customers and clients by means of variety of channels, which is a part of strategy of the bank in the field of customer communication. Special consideration is given to communication through social networks. In 2013, a Facebook page of «Bank of Baku» was awarded the certificate of an international analytical service Socialbakers in the category of Socially Devoted Page. The certificate refers to high quality of customer communication in social networks and underlines the distinguished level of the bank’s communication with its customers and clients.
«Bank of Baku» also communicated with its customers and clients by means of 145 Customer Care Line and several Internet based channels. 145 Customer Care Line accepts requests from customer in real time and informs about the latest products and services offered by the bank. Complaints and comments are taken by the bank into account when improving its banking products.
For the first time in the banking sector in Azerbaijan «Bank of Baku» found for its loyal customers a club of privileges known as “Friends Club”. Regular customers of the bank, being members of the club, may enjoy various privileges and benefits when receiving loans. Thus, «Bank of Baku» rewards its local customers actively communicating with them within the framework of the «Friends Club».
Opinions of our customers and clients absolutely matter for us. We listen to every one of our customers and clients. We do not avoid criticism, we take it into account.
Our development strategy
In 2013, the Supervisory Board of «Bank of Baku» approved the strategic program of development of the bank. The key items of that program are expansion of branches network, strategic regulation of risks and financial indicators, improving the quality of services. Within the framework of the program, bank is opening new branches both in the capital city and in the regions of Azerbaijan. Furthermore, special attention is paid to the application of technological innovations in the area of servicing the customers, introduction of new banking products and services, development of staff, maintaining the leading positions of Bank of Baku» in the banking sector.
Success of «Bank of Baku» is acknowledged by the position of an international rating agency Мoody’s, which several years in a raw awards the bank with the high ranking. In 2012 Moody’s increased the rating of «Bank of Baku» B2 from stable to positive. In 2013 the agency increased the forecast on long-term rating of «Bank of Baku» from B2 to B1 with stable long-term forecast. In the view of Moody’s analysts, strengthening of positions of «Bank of Baku» is based upon such positive factors as stable financial indicators, high level of self-reliant solvency, high quality of banking assets, etc.
Realizing its duty owed to public general, «Bank of Baku» is engaged into several social projects. Priority attention is paid to projects in the field of education, charitable events for children without parental support, etc. «Bank of Baku» will continue implementation of new and large-scale social projects in the country.
Today, «Bank of Baku» is one of the leaders of the financial sector in Azerbaijan. «Bank of Baku» is keen to accelerate its dynamic development, so that it is able to meet the expectations of its customers and clients and to adhere to its motto - “Banking Services Close to You”.