Azerbaijan, Baku, Jan. 26 / Trend /
AccessBank was also one of the top loan disbursers in Azerbaijan in 2008 as the loan portfolio increased 84 percent to surpass $200 million, the bank said on Jan. 26. The deposit portfolio saw similarly impressive growth during the year, increasing by 91percent.
The number of AccessBank's borrowing clients increased by 50 percent to more than 70,000, while this figure made up 46,000 people in late 2007.
"Despite the turbulence in the financial world, 2008 was very successful for AccessBank," General Manager of AccessBank Andrew Pospielovsky said.
More than 4,000 entrepreneurs got loans per month all over the country, he said.
Assets of the bank increased by 81 percent - to $241 million, general capital - by two times from $26.4 million to $54.5 million and total income - to $13 million in 2008.
Moreover, 6 new branches were also opened during 2008 and over 200 employees were recruited to AccessBank's staff.
Other significant events include the successful conclusion in February of AccessBank's and Azerbaijan's first bond on international capital market, and receiving the highest rating among Azerbaijan's private banks from Fitch Ratings (BB+ matching the country ceiling). In addition AccessBank also implemented its successful re-branding in September, from its original name: Microfinance Bank of Azerbaijan (MFBA).
AccessBank's mission is to provide access to financial services to micro and small business and Azerbaijan's families. AccessBank is owned by six shareholders, including the European Bank for Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20 percent each), Access Microfinance Holding - a strategic microfinance investor (16.5 percent), and LFS Financial Systems - a German consulting company (3.5 percent).
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