AccessBank, a commercial bank that offers financial services to micro- and small enterprises (MSEs) in Azerbaijan, recently reported that its deposit portfolio increased by 86 percent during 2010 to the equivalent of USD 150 million. The bank, which was established in 2002 to provide low- and middle-income households and MSEs with access to lending, transfer and deposit services, saw overall growth for the fiscal year ending December 31, 2010. AccessBank’s loan portfolio increased by 15 percent to USD 340 million and total assets increased by 23 percent to reach USD 460 million. During this time, the bank expanded its customer base by 20 percent, servicing approximately 120,000 customers by the end of the year.
AccessBank also opened five new branches in three regions of Azerbaijan. Furthermore, Fitch Ratings, a US-based rating agency, reaffirmed its BB+ rating and Standard and Poor’s, another US-based rating, research and analytics company, named AccessBank “the most transparent bank in Azerbaijan.”
By Julie Moksim, Research Associate
About AccessBank: AccessBank was founded in 2002 as the Micro Finance Bank of Azerbaijan (MFBA) and was renamed AccessBank in 2008. AccessBank is owned by six organizations: the European Bank of Reconstruction and Development (20 percent), a financial institution owned by 61 countries and two intergovernmental institutions; the International Finance Corporation (20 percent), the investment arm of the World Bank; the Black Sea Trade and Development Bank (20 percent), a financial institution with eleven European member countries; Germany’s KfW Development Bank (20 percent); AccessHolding (16.53 percent), a commercial microfinance holding company based in Germany; and LFS Financial Systems GmbH (3.47 percent), a German consulting and management company that focuses on microfinance projects.
Sources and Resources:
AccessBank Press Release: “AccessBank deposit portfolio increased by 86%”, information provided by AccessBank to MicroCapital
MicroCapital.org Brief, September 15, 2010: AccessBank of Azerbaijan Launches Education Loan Product, https://www.microcapital.org/microcapital-brief-accessbank-of-azerbaijan-launches-education-loan-product/
MicroCapital.org Brief, March 30, 2010: AccessBank, a microfinance institution (MFI) in Azerbaijan, Increases its Share Capital from $27m to $52m, https://www.microcapital.org/microcapital-brief-accessbank-a-microfinance-institution-mfi-in-azerbaijan-increases-its-share-capital-from-27m-to-52m/
MicroCapital’s Microfinance Universe Profile: AccessBank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AccessBank
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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