Azerbaijani Unibank plans to increase its market share

Business Materials 11 January 2012 15:24 (UTC +04:00)

Azerbaijan, Baku, Jan.11 / Trend N.Ismayilova /

Azerbaijani Unibank is planning to significantly increase its share in the country's bank market, Unibank told Trend on Wednesday.

"Currently our share in the country's bank market is about five per cent. Around 40 per cent of the market share falls on the country's only state bank, the International Bank of Azerbaijan (IBA). With the reduction of the IBA, Unibank's share in the market is exceeding 10 per cent, Unibank said, stressing that the increase in its share in the bank market is one of the strategic tasks.

The Bank carries out active work and according to its strategy, a significant increase of this indicator is planned, though it is early to speak about it doubling, the Bank said.

Unibank is the country's third bank in terms of the number and volume of lending to individuals and one of the leading banks actively working in the retail business. The Bank also aims at increasing the weight of transaction revenues.

As of November 30, 2011 the bank's assets amounted to 422.25 million manat, loan portfolio amounted to around 309.4 million manat and income reached 4.4 million manat. As of Dec.1, 2011 non-interest income amounted to 7.45 million manat and interest income to 20.44 million manat.

Unibank was established on Oct. 15, 2002 as a result of a merger between the MBANK and PROMTEKHBANK private commercial banks. Unibank is a universal finance and credit institution offering retail and corporate services.

The shareholders of the bank are 11 individuals (76.52 per cent), the European Bank for Reconstruction and Development (15.15 per cent) and the German Investment Corporation DEG (8.33 per cent). Unibank serves over 172,000 customers in Baku, Sumgait and another six key regions of Azerbaijan by means of 24 branches and divisions.

The official exchange rate is 0.7863 manat to $1 on Jan.11.