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Azerbaijani bank plans to expand branch network in 2011

Business Materials 7 October 2010 18:10 (UTC +04:00)

Azerbaijan, Baku, October 7 / Trend N. Ismayilova /

Azerbaijani AccessBank plans to expand its branch network by five branches in 2011, Andrew Pospielovsky, AccessBank general manager, said.

"This year, the bank has already opened five branches and plans to increase its branch network in 2011, Pospielovsky said.

He said that the expansion of a branch network will facilitate the access to financial services for the population and small and medium enterprises of the country.

At present, the bank has 28 branches.

The International Fitch Rating Agency has recognised AccessBank as the most reliable private bank of Azerbaijan (BB+), and the Euromoney Publication Group named  AccessBank as "The Best Bank in Azerbaijan" in its 2010 Awards for Excellence. AccessBank is 100 percent foreign owned by six shareholders, consisting of: the European Bank of 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 per each), Access Microfinance Holding acting in microfinance field as a strategic investor (16.5 percent), and LFS Financial Systems GmbH - a German consulting company (3.5 percent).

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