10 Year
The Bank comprises the following
other information:
Zakir A. Nuriyev
CHAIRMAN OF THE RABITABANK SUPERVISORY COUNCIL
A new qualitative bank service for Communication system was important pursuant to organization of transfer operations for physical entities and the development of telecommunication in Azerbaijan. For this purpose Joint-Stock Commercial Bank Rabitabank was founded in 1993. If 100% of the Share Capital of Bank was the capital of state communication enterprises when it was founded, as the Share capital has increased now and 94,96% of whole capital belongs to non-state enterprises. Main activity of Bank covers internal and foreign currency crediting, trade and non-trade operations. In spite of that Communication systems, posts and press disseminating enterprises have been assembled in our Bank. From this point of view Rabitabank has become a universal bank.
Nowadays, there are 5 branches (two in Baku, another in Sumgayit, in Nakhchivan and in Lankaran). But taking into consideration of characteristic features of Rabitabank it is considered to open new branches of Bank in all the regions of Republic.
• The Bank was registered by the National Bank of Azerbaijan Republic on 30 June 1993. The Banking Licence number is 136.
• Licence number 63 for carrying our foreign currency operations was granted on 08 February 1994 by the National Bank of Azerbaijan Republic.
• On 14 August 1994 the Bank was accepted into the Banks Association of Azerbaijan .
• Since 09 April 1996 till now Z. Nuriyev, the Chairman of the Board of Rabitabank is simultaneously the President of the Association.
• On 06 December 1994 The Bank was included into the Single State list of Joint Stock and Limited Liability companies. Registration number is 216.
• First emission of Bank shares was registered on 26 july 1995 by the Ministry of Finance of Azerbaijan Republic. Registration number is 100.
• On 14 September 1994 the Bank was accepted into Baku Interbank Currency Exchange. Certificate number is 28.
• Under the agreement number 1/10 dated 20 September 1996 the Bank was authorized to carry out dealing in Short-term State Bonds market by the National Bank of Azerbaijan Republic.
• On 25 November 1996 Bank was accepted into the Securities Department of the Baku Interbank Exchange. Certificate number is SE11.
• It was accepted to the membership of S.W.I.F.T. in 1997.
• In December 1997 Bank was accepted into the membership of Europay International.
• Official auditor- KPMG
• Bank was accepted into the Western Union system in 2002
Authorized Capital: Actual authorized capital of our Bank is remarkably more of the amount the National Bank of the Republic of Azerbaijan has fixed and besides this, at present new emission of the shares is being realized. 5.04% of the existing authorized capital belongs to mainly 11 state-owned communication enterprises, 19% belongs to 10 private production, insurance, financial, communication and other enterprises, companies and societies, while the main 75.96% belongs to 10 physical persons of various occupation and social strata. As a rule, all of the shares (stocks) are of residential ones. We intend to increase the authorized capital gradually in future. In this growth the share of non-juridical and physical persons is expected to prevail. At the same time negotiations are underway on the participation of foreign investors in a part of the Bank's authorized capital and we are confident the talks will have positive results.
The services the Bank renders its clients: The Bank renders banking services to all physical and juridical persons as well as to all other clients engaged in various occupations and addressing the Bank. The following are the main services we render:
• Account settlement services
• Encashment (collection) services
• Reception of deposits
• Investment reception
• Crediting services
• Bank letter credits
• Warranties
• Analytic information and marketing services
• Inquiries and consulting services
• Plastic card operations
• ATM services
• Leasing operations
• Exchange operations
• Collection on documents
Operations with plastic cards are known to play an important role in financial operation. Therefore, we have already bought a number of bankomats and installed them in crowded places of the city and now they are functioning. At present we are realizing the project of paying the wages by means of plastic cards and taking into account our future potentials we are undertaking serious steps to extend these kind of projects.
The Spheres the Bank credits: Since the day the Bank was established, it has been providing credits both to production and non-production spheres of economy.
Our bank has laid the foundation of commercial crediting of the most significant strategic area of the country economy, the communications, and currently preserves its position in this sphere in the credit market, and contributes in developing the leading companies in communication sphere such as AzEuroTel, Bakcell, Azercell, Catel, Akhundoff and a number of other companies and firms rendering their services to them by meeting their needs fully in various credit resources.
Besides this, our Bank has been providing various credits to physical and juridical persons in commercial, transportation, educational, agricultural and a number of other spheres and conti nue to do so. The analyses and monito ring realized indicate that the said cre dits justify themselves fully from the economical point.
Taking this into account the Bank is going to extend her scope of credit services. For the purpose the Bank's subsidiary is functioning in Lankaran region, located in an extremely efficient geographical point, and thus, playing a part of "concentration" (or rather of integration), exerting an extremely positive impact over the economic progress of the neighboring regions. And we are planning to open additional subsidiaries in other regions. This will enable us to realize crediting the population of those regions in economical branches that are based on long-term acquisition of professional habits in agriculture, processing, crops cultivation, cattle breeding and plant growing as well as in tourism, construction, commerce, transport, education and other spheres.
Currently the country economy fails to be fully credited by banks. The basic reason of this is the commercial banks fail to possess sufficient resources for the purpose. One of the main source of providing the banks with credit resources is drawing in the foreign capital into the bank turnover. For this purpose the RabitaBank JSC has started to cooperate with International Financial Corporation since 1997. Having viewed the potentials of our Bank the IFC assessed it as reliable one and therefore, began to allocate us its credit limit. Those credit resources enabled us to finance the largest 23 companies in this country.
Our Bank has not ceased cooperating with IFC in attracting foreign capital, we have continued the negotiations and have reached preliminary agreement in this sphere.
We have agreed with IFC to open a new credit line for 6 years worth of $1,200,000. At the same time we undertake the same actions with other international organizations and are confident to be successful in it.