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International Bank of Azerbaijan
ABB (from Azerbaijani: Azərbaycan Beynəlxalq Bankı [ɑːzæɾbɑjˈdʒɑn bejnælˈxɑlk ˈbɑŋkɯ]; formerly known as International Bank of Azerbaijan) is the largest bank in Azerbaijan, it’s an open joint-stock company whose shares are owned by the Azerbaijani state. Its head office is located in Azerbaijan.[2] The bank rebranded itself as ABB in 2021 following reporting on several corruption scandals. The bank played a central role in the Azerbaijani laundromat scandal.[3] HistoryABB OJSC was founded on January 10, 1992, as a joint-stock bank. ABB is currently one of the leading banks in the South Caucasus region in terms of assets, customer base and international operating portfolio. With 66 branches and 13 sub-branches in different regions of Azerbaijan, the bank provides universal banking services to private and corporate clients. The number of legal entities served by the bank is about 18,000 and individuals clients are more than 2.2 million. The bank employs more than 3100 people.[4] According to the Decree of the President of the Republic of Azerbaijan No. 1174 dated November 5, 2020, “On ensuring the activities of the Azerbaijan Investment Holding”, the Bank ABB Open Joint-Stock Company was transferred to the management of the Azerbaijan Investment Holding. As a versatile institution, IBA operates as a universal bank, leveraging its national presence along with subsidiary banks in Russia, Georgia, and Qatar, alongside international representative offices strategically located in London, Frankfurt, Luxembourg, Dubai, and New York. Service networkABB closely participates in large-scale state projects in sectors such as oil chemistry, transport, communications, energy, etc. And various social programs. At the same time, it actively supports the financing of large, small, and medium-sized businesses. In 1996, ABB established the processing card company "AzerCard", that served as a basis of card processing business in the country. In 1997, the Bank began cooperation with Visa and MasterCard, later the Bank expanded this activity and announced partnerships with such international payment systems as American Express, Union Pay, Diners Club, and JCB. The bank offers its customers a wide range of payment cards, such as VISA, MasterCard, American Express, and Union Pay. This bank is the first and only bank in Azerbaijan to offer customers an opportunity to order American Express payment cards, as well as to hold operations with JCB cards. ABB has the largest local network of ATMs consisting of more than 900 machines, and over 13,000 POS terminals located at trade and service points across Azerbaijan. For the first time ever in Azerbaijan, ABB provided pension and wage payments through payment cards. At present, the number of active payment cards of the bank is over 1.3 million. In 2019, ABB introduced the multifunctional product Tamkart.[5] In 2020, the bank introduced ABB Miles cards to customers. Supervisory BoardABB's Supervisory Board includes the following members:
Management BoardABB's Management Board includes seven members:
MembershipsABB is a member of the following professional organizations and systems:
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