Baku, Finance Time. 2012 is an important year for “Muganbank” OJSC. The bank is celebrating its 20th anniversary. “Muganbank” OJSC, one of the leading banks of Azerbaijan has effectively operated at the financial market of the country during 20 years. Owing to innovations and structural approach, the bank has achieved ongoing progress, ensured its financial stability as well as became an integral part of the country’s bank sector over these years .
Today “Muganbank” OJSC has a strong management team reacting professionally to the realities of the financial world. “Muganbank” OJSC has continually contributed to the process of forming the country’s small and medium- sized businesses under the country’s ongoing economic development circumstances. During its 20 years of operating at the financial market , the bank has made progress and introduced new products to individuals and corporative customers.
The economic indicators of the previous years are an obvious evidence of the dynamic development of “Muganbank” OJSC . The indicators of the previous years have increased in comparison with the results of 2010.The bank’s net profit has increased by 169,2 %, assets by 16,5 % and capital by 25,9 %. Attraction of deposits from legal entities has increased by 41%.
Over these 20 years, “Muganbank” OJSC has become one of the country’s stable banks due to its conducting of a transparent banking business and its strong position at the financial market. On May 14, 2012 Standard & Poor's Ratings Services raised its long-term counterparty credit rating on “Muganbank” OJSC to 'B-' from 'CCC+' and affirmed the 'C' short-term rating, which is an obvious evidence of the above statement.
One of the main objectives of the bank’s shareholders is to extend relations with international financial institutions. ”Muganbank” OJSC actively cooperates with international financial institutions such as US Agency for International Development (USAID), European Bank for Reconstruction and Development (EBRD),International Finance Corporation (IFC), US-based World Business Capital (WBS), an investment fund and Overseas Private Investment Corporation (OPIC). The primary goal of the business relations is the placement of the funds attracted from international capital markets. Besides, ”Muganbank” OJSC is continuing its high –level cooperation with the leading banks of Germany, Russia, Turkey, Latvia, Austria, Kazakhstan and Ukraine.
“Muganbank” OJSC has a wide branch network covering the capital and regions of our country .The bank’s 30 branches and 3 sub-branches across the Republic effectively serve customers with all types of banking products.
It is worth mentioning that “Muganbank” OJSC for the first time in Azerbaijan has launched “Bearer bonds” project. The bank has already pleased its customers by thousands of money prizes. Draws are held every 45 days.
So, “Muganbank” OJSC has successfully coped with the mission of regaining the confidence to bonds in the country. Citizens of our country were reassured that saving their money in bonds is one of the most confident ways to increase their capital with no risk. It means that, they invest their available funds in these securities. The bondholders have a chance to win from 100 AZN to 50.000 AZN in every draw. This project of “Muganbank” OJSC reminded of the famous quote by Benjamin Franklin, the well-known political figure of the USA: “A penny saved is a penny earned”.
Information on the terms of the draw may be obtained on http:/www.muganbank.az/istiqraz/index ru.php.
Being a reliable partner in providing FOREX services “Muganbank” OJSC for the first time in Azerbaijan has simplified the access to the international currency market. One may register online via www.muganbank.az , at section FOREX and become a trader at the international currency market.
The FOREX project ensures that wide sections of the population can access to international trading and herewith enhances the level of competitiveness and professionalism at currency-exchange business. “Muganbank” OJSC ensures a reliable safekeeping of customers funds and their reliable management at FOREX market. The bank’s FOREX customers have such an advantage to draw down funds from their accounts promptly any day they apply the bank.
The next product of the bank called MONEX allows customers to transfer money to any part of our country in a few minutes. Customers may use the services of MONEX system in more than 200 service points. Express money transfer system MONEX is supported through 15 partner banks of “Muganbank” OJSC. For lower commission (0.2 % of the transferred money) you can make safe, easy and express money transfer and make your relatives, friends and business partners happy.
Thus, “Muganbank” OJSC has become an example of stability and firmness at the financial market being loyal to banking traditions in all periods of its dynamic development. In today’s reality it becomes more evident that it is easy to identify one’s not only social status, but also level of self-consciousness by the bank he relies on.
