Amrahbank successfully continues new strategy

Amrahbank successfully continues new strategy

Azerbaijan, Baku, March 12 / Trend /

Since 2008 Amrahbank has been developing under the new Strategic Development Plan. A new stage in the development of the bank began in 2010. A strategic partnership of Amrahbank with International Investment Bank, based in Bahrain (IIB) played a key role in the rapid development of Amrahbank over the past two years. In 2008, IIB bought 49 percent shares of Amrahbank.

Amrahbank continued to demonstrate strong investment activity in the midst of the global financial crisis in 2009. The bank increased its assets by 63.2 percent, deposits by 26 percent. As of late 2009 the bank's total assets exceeded 100 million manat.

Moreover, in 2009 the bank began to implement some major strategic projects, aimed at transforming the bank to a new level of development. Long-term projects included the bank's transition to new software Temenos, improving of corporate governance, a successful re-branding, restructuring of the branch network, staff development and launch of Islamic banking project.

The bank began a successful collaboration with several international financial institutions, such as the OPEC Fund for International Development, the Islamic Development Bank, Gulf Finance House. The bank drew funds of trade financing through the Fund OPEC, the Islamic Corporation for Trade Finance. Their successful placement on the local market has been launched.

Despite all long-term investments in the development of the bank, Amrahbank managed to finish 2009, hard for the banking system of Azerbaijan, with a profit worth $1.7 million manat.

2010 was successful for Amrahbank. Deposits worth 3.6 million manat were drawn over the past two months. This is certainly a sign of the growing public confidence in the Amrahbank. In 2010 Amrahbank granted loans totaling 8.6 million manat. The bank continues to increase lending volumes.

Amrahbank has one of the most extensive branches in the country. The bank has 23 operating branches and two offices. It should be noted that for the last quarter of 2009 Amrahbank opened six new branches, including three branches in the regions of the country - Sumgait, Barda and Bilasuvar. Amrahbank is working to expand the geographical scope of its branches by changing the location of points of services in accordance with the strategic plan of the bank. Thus, in the nearest future we plan to change addresses of the five branches in Baku within the new policy of branches.

A regular meeting of Amrahbank's Supervisory Board, chaired by Yunis Ildyrymzade with participation of members of the Supervisory Board - Kamal Mammadzade and Elnur Amikishiev, as well as strategic partners of the International Bank of Bahrain Aabed Al Zeera (Chairman of IIB board) - Mohammed Hadi Mejai (IIB Executive Director) is scheduled for April 17.

The results of the bank in the first quarter, as well as new perspectives and strategic development will be discussed at the meeting on April 17, 2010.

Subscribe to Trend in Google News! Subscribe
Azerbaijan's revenues from mobile communication services up in 9M2021
Azerbaijan's revenues from mobile communication services up in 9M2021
Azerbaijan provides broadcasting of TV, radio channels in liberated Zangilan (PHOTO) (UPDATE)
Azerbaijan provides broadcasting of TV, radio channels in liberated Zangilan (PHOTO) (UPDATE)
Azerbaijan provides broadcasting of TV, radio channels in liberated Zangilan (PHOTO)
Azerbaijan provides broadcasting of TV, radio channels in liberated Zangilan (PHOTO)
Loading Bars
Latest
Covaxin instilled self-confidence: ICMR chief
India: Adani Ports to shun cargo from Afghanistan, Pakistan, Iran
U.S. readies plan to vaccinate kids ages 5-11 against COVID-19
Chronicles of Victory: President Ilham Aliyev interviewed by Japan’s Nikkei newspaper on October 21, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 21, 2020
Trilateral meeting of Deputy PMs of Azerbaijan, Armenia and Russia held in Moscow
First VP Mehriban Aliyeva shares footages from her visit to liberated Zangilan with President Ilham Aliyev (VIDEO)
Kazakh and Russian PMs hold talks
SOCAR AQS, Naftogaz ink MoU for dev’t of onshore, offshore technologies
President Ilham Aliyev: After a long break - 27 years of Armenian occupation, Zangilan returned to its homeland
Mikheil Saakashvili charged with illegal border crossing
Plan initiated to prosecute int'l companies for illegal exploitation of Vejnali gold deposit - president
Modern transport and logistics center, and necessary infrastructure to be created in Zangilan - President Aliyev
Iran's Energy Exchange announces products to be on sale on October 23
Certain contracts signed in Iran on manufacturing of spare car parts
Recent events on opening of Zangazur corridor show that we achieving our goals - Azerbaijani president
Azerbaijan strengthened its army, economy, international positions - President Aliyev
This is our common victory, victory of Azerbaijani people - President Aliyev
Azerbaijan to try resettle people in Zangilan by early next, maybe by late this year - President Aliyev
Turkey unveils number of ships received at local ports in September
Leading private Uzbek banks in terms of deposits
Funds allocated to draw up master plan for liberated Zangilan city
Leading Uzbek banks with state share in terms of deposits
David Babayan on private visit in Moscow - Azerbaijani Embassy in Russia
Iran`s TEDPIX drops on Wednesday
Azerbaijan reveals latest data on loan portfolio of local banks
Azerbaijani FM, US Assistant Secretary of State hold phone talks
Uzbek Central bank publishes list of leading non-state banks in terms of loans
EBRD keen to create base of integrated supply chains in "Seaport Aktau" SEZ
Kazakhstan launches polymetallic processing plant in Karaganda region
Azerbaijan raises metallurgical production
Leading Uzbek banks with state share in terms of loans
Britain's Lloyds Bank to close another 48 branches
Nasdaq profit beats on robust demand for investment products
Geely and Volvo's Lynk & Co set to expand to Gulf region in Q4 2021
Azerbaijani President Ilham Aliyev and First Lady Mehriban Aliyeva meet with public representatives of Zangilan
Coronavirus situation in Russia becoming complicated — Putin
Dynamics of Azerbaijan’s electricity generation by 2025
President Ilham Aliyev and First Lady Mehriban Aliyeva take part in opening of Zangilan substation
Azerbaijani president, first lady attend groundbreaking ceremony for digital substation in Zangilan
President Ilham Aliyev and First Lady Mehriban Aliyeva view conditions in military unit of State Border Guard Service in Zangilan district
Azerbaijani president, First lady view process of construction of International Airport in Zangilan
Azerbaijani President Ilham Aliyev and First Lady Mehriban Aliyeva view work done under "smart village" project in Aghali village
Waze: Traffic on Israel's roads 23% higher than pre-Covid
Azerbaijan's trade turnover with CIS countries grows in 9M2021
Iran unveils amount of money saved through domestic production
Azerbaijan announces increase in petrochemicals production for 9M2021
Azerbaijan records growth in agricultural production
“Azercell volunteers” brought joy to thousands of families over the past year
India to discuss IPR waiver on Covid vaccines, global trade issues during WTO DG’s 3-day
Nar continues to support the biggest Azerbaijani audiobook library
Azerbaijani President Ilham Aliyev and First Lady Mehriban Aliyeva visit Zangilan district (FOTO)
Number of TEU containers loaded/unloaded in western ports of Iran’s Hormozgan Province up
Iran’s Bahar Azadi gold coin price again falling
SOCAR in Georgia looking for crossover vehicles through operating lease
Iran bans local companies from entering Karabakh illegally
Gita Gopinath to leave IMF, return to Harvard University in January
India's total Covid-19 vaccinations cross 99-crore mark
Iran to re-enable issuing tourist visas
Iran reveals COVID-19 data for October 20
AccessBank to consider possibility of increasing its capital by end-2021
AccessBank projects slight increase in cost of manat resources
Georgia's knitwear exports to Turkey increase
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan to reduce oil production in 2022, says IMF
Georgia’s trade turnover with Turkey increases
Azerbaijan confirms 2,303 more COVID-19 cases, 1,010 recoveries
Iran sees increase in exports to Turkmenistan
IMF expects Azerbaijan’s gas output, export to rise in 2022
Saudi energy minister sees demand from gas-to-oil switch at up to 600,000 bpd
Azerbaijan boosts production of building materials
NATO is committed to Georgia’s Euro-Atlantic aspirations - Special Representative
Kremlin says direct contacts with Taliban needed to comprehend developments in Afghanistan
Baker Hughes posts Q3 profit as drilling demand returns
Bulgaria seeks grant financing for gas storage expansion
Turkmenistan joins "Turkic.World" project
Turkmenistan, Turkish 'RÖNESANS Holding' discuss further co-op in construction sector
Iran’s PMO implementing plans on shipbuilding
Azerbaijan's oil exports to Turkey for 9M2021 revealed
Turkmenistan preparing to take part in UN Climate Change Conference
Iran allocates more bank advances to various sectors of economy
Shipping Association of Iran talks cargo transportation to China
Azerbaijan to complete construction of Khudaferin, Giz Galasi HPPs in several years
Iran looks to expand oil ties with Venezuela
300 km of overhead, cable lines laid in Azerbaijan’s liberated territories - minister
Azerbaijan plans to fully provide liberated territories with electricity by end-2021
Iran eyes increasing investment in renewable energy
Iran’s East Oil & Gas Production Company increases extraction
Azerbaijan’s 9M2021 oil export to India revealed
Kazakhstan announces date of moving from external deficit to surplus zone
Azerbaijan cuts food imports
Azerbaijan purchases de-mining equipment from Croatia – Azerbaijani FM
Honey from Azerbaijan's liberated Kalbajar, Lachin delivered to Baku fair (PHOTO)
Kazakh Parliament approves bill "On state budget for 2022-2024"
Azerbaijan - strategic partner of Croatia, FM Gordan Grlić-Radman says
Iran boosts exports of metal products
Armenia must take effective steps to open communications – Azerbaijani FM
Russia records over 34,000 COVID-19 cases in past 24 hours
Croatian companies may partake in restoration of Azerbaijan's liberated areas
Azerbaijan discloses volume of chemical products output for 9M2021
All news