Azerbaijani Kapital Bank celebrates its 140th anniversary (PHOTO)

Baku, Azerbaijan, July 24

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Today Kapital Bank celebrates its 140th anniversary. As the legal successor of Azerbaijan Savings Bank, Kapital Bank's first office was established on July 24, 1874. The first office operated under the Baku Branch of Russian State Bank. The executive head of the department was Ivan Samsonovich Khandodzevski. Accounting Committee included Azerbaijanis - H.Z.Taghiyev, Haji Baba Hashimov, and Haji Shikhali Dadashov.

After the declaration of the Azerbaijan Democratic Republic, on September 30, 1919 Azerbaijan State Bank was opened and branches of Savings Bank were restored on December 1, 1919.

After the collapse of the Azerbaijan Democratic Republic on April 28, 1920, by the decision of Azerbaijan Revolutionary Committee dated June 9, 1920, the Baku Branch of the Russian State Bank was abolished and as all the bank-credit organizations this entity was also included in the newly established People's Bank.

State labor savings offices operating under the State Bank of the USSR were established in Azerbaijan on January 1924. In 1988, all these offices were united in Bank of Azerbaijan Republic under Savings Bank of the USSR. Savings Bank of the Republic of Azerbaijan was established on the basis of this bank on February 11, 1992. United Universal Joint Stock Bank ( BUSBank ) was created by merging Savings Bank, Azerbaijan Agricultural and Industrial Bank and Azerbaijan Industrial Investment Bank on February 21, 2000.

The 140-year-old bank continues its activity under the name of Kapital Bank since December 29, 2004 and confidently moves to the future by bringing together past and present values.

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