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.