Another Azerbaijani bank to accept Chinese payment cards

Economy Materials 28 May 2016 14:33 (UTC +04:00)

Baku, Azerbaijan, May 28

By Azad Hasanli - Trend:

AtaBank plans to receive the principal licensee from the China UnionPay international payment system for the issuing and acquiring of UnionPay cards until the end of 2016, Etibar Babashli, chairman of the Board of the bank, said in an interview with The Business Year, a leading research firm and publisher of annual economic resources on national economies.

Currently, China UnionPay payment cards in Azerbaijan are accepted by International Bank of Azerbaijan and Unibank.

"As always, AtaBank plans the future development of 2016 in accordance with the strategic plan and bank's policy," Babashli said. "By making some slight strategic changes in business development perspectives, AtaBank plans to expand its activity in several directions: plastic cards and contactless acquiring activity, corporate lending, business credits, mortgages, and fund transfers."

"Being the largest acquirer in Azerbaijan, AtaBank plans to expand its POS-terminal network, implement new technologies like mobile application payments, expand cash-in and payment terminals network, bring to the market some new kind of deposits, and continue the stimulation process of non-cash payments," he said.

Babashli went on to add that as of December 31, 2015, AtaBank's total assets were 607.2 million manats, which is 4 percent higher than the previous year.

"Our credit portfolio at the end of 2015 was equal to 530.4 million manats and liabilities including current accounts are equal to 534.0 million manats, also including our deposit portfolio of 443.5 million manats," he said. "Our time deposit portfolio of retail customers is equal to 260.8 million manats and our aggregate capital is 53.7 million manats. AtaBank ended the 2015 financial year with a profit of 1.4 million manats."

AtaBank, functioning since 1993, is one of the largest commercial banks of Azerbaijan. The bank has 26 branches and divisions in Baku and Azerbaijan's districts.