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AccessBank contributes 11.5 million manat to Azerbaijani state budget

Business Materials 17 May 2011 12:47
Today, AccessBank announced its contributions to the Azerbaijan state budgets for 2010. The total amount paid by AccessBank was 11.5 million manat, including allocations to the State Social Protection Fund and taxes withheld at the source of payment.
AccessBank contributes 11.5 million manat to Azerbaijani state budget

Azerbaijan, Baku, May 17 / Trend/

Today, AccessBank announced its contributions to the Azerbaijan state budgets for 2010. The total amount paid by AccessBank was 11.5 million manat, including allocations to the State Social Protection Fund and taxes withheld at the source of payment.

This reflects AccessBank's stable development in all areas. AccessBank has always been committed to fulfilling all its legal obligations - including tax obligations - and makes a significant contribution to the development of Azerbaijan, the bank reported.

"AccessBank always strives for transparency in all of its activity and by making public our contributions to state budgets for 2010 we aim to be transparent in our tax obligations as well," General Manager of AccessBank, Andrew Pospielovsky said.

AccessBank's mission is to provide financial services for Azerbaijan's micro and small businesses and low- and middle-income households. AccessBank has been recognized by the International Fitch Rating Agency as the most reliable bank in Azerbaijan among private banks (BB+), and AccessBank was named "Best Bank in Azerbaijan" by both Global Finance (2011) and Euromoney (2010) magazines in their annual awards.

AccessBank is 100% 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% each), Access Microfinance Holding (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5%).

The official exchange rate is 0.7905 manat to $1 on May 17.

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