AccessBank deposit portfolio increased by 86 percent
Azerbaijan, Baku, Jan. 25 / Trend /
2010 saw continued growth and success for AccessBank, both in terms of increasing its outreach and in terms of recognition of its achievements. In 2010, the bank's assets increased by 23 percent, reaching $460 million. The loan portfolio increased by 15 percent, topping $340 million, and deposits increased by 86 percent, exceeding $150 million. By year-end AccessBank was providing financing to over 120,000 customers, an increase of more than 20 percent. This included more than 30,000 clients engaged in agriculture, making AccessBank the leading financier of agriculture in Azerbaijan. In an effort to further expand access to credit and quality banking services, AccessBank opened five new branches, three in the regions of the country. The Share Capital of the bank was also doubled to $52 mln.
In addition to showing strong growth during 2010, AccessBank also earned international recognition as a leader in banking and business practices: Euromoney named AccessBank as the "Best Bank in Azerbaijan" in its 2010 Awards for Excellence; Fitch Ratings reaffirmed AccessBank's ВВ+, the highest rating among private banks of Azerbaijan; and Standard & Poor's recognised AccessBank as "The most transparent bank of Azerbaijan".
Andrew Pospielovsky, General Manager of AccessBank, commenting on the 2010 results said, "Despite the ongoing challenging economic situation in the financial sector, AccessBank continues to expand its activity, providing access to financial services to small businesses, especially in the regions of Azerbaijan and in the agricultural sector".
AccessBank was established to provide access to financial services for Azerbaijan's low and middle income households and micro and small businesses. 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).