name: Bank of Baku
Bank of Baku was established on February 14, 1994. It was the first commercial bank in Azerbaijan. On October 2, 1997, the bank began operations. On May 14, it became a member of the Azerbaijan Currency Exchange. On August 27, it re-registered and became a joint joint-stock commercial bank.
On December 18, 1998, Bank of Baku joined SWIFT. On March 31, 2001, it cooperated with the German Development Bank as part of the implementation plan of the German Azerbaijan Fund to provide financing for small and medium-sized enterprises in Azerbaijan. Currently , it is one of the largest partners of GAF in Azerbaijan.
In January 2002, Baku Bank provided multiple banking services, providing retail banking services for small and medium enterprises and corporate customers. Azneft branch was established on January 6. In January 2004, it established the Neftchilar branch. On October 22, it became an open joint stock company.
In January 2005, the National Bank of Azerbaijan approved the merger of Baku Bank and Lkbank Commercial Bank, and the merged joint stock company Industrial and Commercial Bank was named Baku Bank. On February 18, the National Bank of Azerbaijan issued a banking business license to the bank. On April 26, it signed an agreement of intent with the European Bank for Reconstruction and Development, and the European Bank for Reconstruction and Development became its co-financing corporate client. On June 26, it established a branch of MERKER. On July 22, it obtained a trade finance credit line from Societe Generale. On October 4, the Board of Directors of the European Bank for Reconstruction and Development approved the European Bank for Reconstruction and Development to participate in the bank’s equity. On October 14, the relevant parties signed the relevant agreement. The European Bank for Reconstruction and Development owns 25% of the bank.
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