Bank of Baku, known as an innovative and operative bank, is regularly introducing new products and services to financial market.
Being one of the first banks to introduce alternate service and sales channels to the market, tens of thousands of Bank of Baku customers are able to perform various transactions and benefit banking services without having to physically come to the bank. In the nearest future Bank of Baku will a number of technological developments to assist its customers.
New tendencies in banking market have forced the Bank to operate more effectively and promptly. Within the framework of 3 year “new perspectives” plan adopted by shareholders of the bank, it is starting the process to optimize its branch network with the purpose of providing more sustainable and effective services, as also mentioned in the recent press interview of the Bank’s CEO. It was decided to consolidate the following 3 selected branches with larger branches located in the nearby area. The customers of those branches will be serviced in the mentioned nearby branches, while the branch staff will continue their employment in other branches of the bank. Key criteria for consolidation of selected branches was as follows:
- “28 May” branch at 17 R.Behbudov str – has small employee number and is not able to provide operative customer service, which caused multiple customer complaints and dissatisfaction – will be consolidated with “S. Vurgun” branch at 12/14 Pushkin str.
- “Babek” branch at 2269 Babek avenue – focuses mainly on automobile loans – will be consolidated with nearby “Neftchiler” branch at 59 G. Garayev str taking into consideration the low demand for car loans.
- “Yeni Gunashli” branch at “D” Y/M, Yeni Gunashli district – was recently opened as a pilot project, but is not able to attract a large customer flow due to location – will be consolidated with “Bakikhanov” branch at 4081 Ganjlar, Bakikhanov district.
In addition, according to the approved 3 year plan, one more branch will be consolidated in the coming year and alternative and technological customer service channels will be further expanded. It should also be noted that, in addition to optimizing the branch network, the 3 year plan also envisages revision and simplification of business processes, broader use of alternative and technological sales channels for customer services, improving risk management tools, developing new and innovative non-credit products, diversifying loan portfolios, developing real-sector development projects, transitioning from product oriented services to customer-oriented services and other projects. Key target is to become a more prompt, more innovative, more technological and healthier bank.
Currently total regulatory capital of Bank of Baku constitutes 107 million AZN (Central Bank’s total regulatory capital requirements it 50 million AZN), capital adequacy ratio is around 17% (Central Bank’s capital adequacy ration requirement is 12%), and ratio of liquid assets to total assets is 20%.