EBRD awarding Muganbank

Photo: EBRD awarding Muganbank / Finance

Baku, Azerbaijan, June 2
Trend:

"Muganbank" OJSC has been awarded by European Bank for Reconstruction and Development (EBRD) "Most Active Issuing Bank in Azerbaijan in 2013" according to the EBRD reports on its operations in Azerbaijan in 2013.

The award was presented to Rasim Ismayilov, the Deputy Chairman of the Board of "Muganbank" OJSC by Nick Tesseyman, Managing Director, Financial Institutions at EBRD as part of the annual Trade Facilitation Programme (TFP) Information Session and Award Ceremony during the EBRD 2014 Annual Meeting and Business Forum during May 14-16, 2014 in Warsaw.

EBRD officials stated that the carrying out of more than 65 guarantee and L/C transactions in amount of more than USD 12 million was a strong performance for such an eminent bank as "Muganbank" OJSC. In this respect, it was particularly emphasized that the good processing quality of international payments allowed cutting the cost and increasing the speed of the settlements performed by the bank.

"Muganbank" OJSC, one of the well-known participants of Azerbaijani financial-banking industry has been functioning since 1992. The bank's 36 branches and 7 sub-branches within the country effectively serve customers with all types of banking products.

"Muganbank" OJSC cooperates with several international financial institutions among them the US Agency for International Development (USAID), European Bank for Reconstruction and Development (EBRD), Islamic Corporation for the Development of the Private Sector (ICD), International Finance Corporation ("IFC"), WorldBusiness Capital, Inc. (WBC) and Overseas Private Investment Corporation (OPIC). "Muganbank" OJSC maintains high-level correspondent relations with leading German, Russian, Turkish, Latvian, Austrian, Kazakh and Ukrainian banks.

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