MuganBank bags international award and gains EBRD recognition (PHOTO)
Baku, Azerbaijan, May 10
By Anvar Mammadov - Trend:
The European Bank for Reconstruction and Development (EBRD), a universal financial institution, established in 1991 as a multidimensional developmental investment bank, is known to use investments as a means to build the market economy of a country. Initially concentrated on the countries of the previous Eastern Bloc, it expanded to support development in more than 30 countries from Central Europe to Central Asia.
Similar to other multidimensional development banks, the EBRD has members from all over the world (North America, Africa, Asia, and Australia, see below), with the most significant stakeholder being the United States, but only lends locally in its countries of operations.
With headquarter situated in London, the EBRD is owned by 69 countries and two EU organizations. Notwithstanding its public sector shareholders, it invests in private enterprises, together with commercial partners.
In 2015, the EBRD awarded MuganBank OJSC the honor of being the outstanding bank as it outperformed every other bank in its daily processes and business model in Azerbaijan.
The award presented by Chi Kong Lou, who is the Ambassador and Head of the Taipei government to the United Kingdom (UK), was given to Elmir Hasanov, the Chairman of the Board of MuganBank OJSC. The presentation was made as a segment of the Yearly Trade Facilitation Programme (TPF) conduct on the EBRD Business Forum that took place in London, from 10th – 13th May, 2016.
The EBRD's Trade Facilitation Programme has been active since 1999 and has been the recipient of numerous awards. Also, the program aims to support foreign trade to, from and among the EBRD countries of operations, and offers a variety of products to facilitate this trade.
Through the program, the EBRD provides guarantees to international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the countries of operations (the issuing banks). The program further guarantees real trade transaction to, from, and among the countries of operations.
The program strengthens the ability of local banks to provide trade financing, and through these banks gives entrepreneurs throughout our countries of operations, the support they need to increase their access to their import and export trade.
For commendably handling more than 73 issued guarantees over Eighteen Million United States Dollars (USD), MuganBank was awarded from EBRD. Due to the result of the efficiency of the credit unit supervised by Kamran Gasimov, deputy director of credit department of MuganBank, the bank's business processes became more lucrative.
The bank, which is a prominent financial organization in Azerbaijan, was established in 1992. With about thirty-nine principal subdivisions and eight small divisions. MuganBank allies with principal universal Financial supervisors such as Overseas Private Investment Corporation (OPIC), Islamic Corporation for the Development of the Private sector (ICD), International Financial Corporation (IFC), and World Business Capital (WBC) as well as United States Agency for International Development (USAID) and EBRD. Amongst others, MuganBank allies with other European profitable banks in Germany and Russia.