International Finance Magazine announces Financial Award winners for Azerbaijan 2013.
1st October 2013
International Finance Magazine (IFM), the London based online magazine with a viewership in over 200+ countries announced the financial awards 2013 for Azerbaijan. The recipients have been chosen after a rigorous selection process by the internal team as well as key inputs from an external agency. International Finance Magazine honors achievers in the banking industry who have excelled in their areas of expertise and made contributions through activities of note. These awards are highly regarded within the industry as a mark of high performance, and represent an exceptional level of achievement; apart from financial performances the award also gives cognizance on the contributions made in corporate social responsibility which include charitable activities, better corporate governance and other achievements that impact the global finance community. The winners will be felicitated at a gala dinner on December 18th at Jumeirah Emirates Towers in the dazzling city of Dubai.
The recipients for the financial awards 2013 for Azerbaijan are:
Category: Best Commercial Bank
Headquartered in Baku, it was founded on October 29th, 2002 as the Micro Finance Bank of Azerbaijan by Black Sea Trade and Development Bank, European Bank for Reconstruction and Development, International Finance Corporation and LFS Financial Systems sharing 20 percent of the equity each. The current accounts and money transfer system was started in the year 2004, in 2005 the term deposit, international SWIFT and Western Union Money Transfer networks were started. Renamed in 2008 as Access Bank, it has a BB+ rating from credit rating agency Fitch and S&P ranked the bank as the most transparent bank in Azerbaijan.
Bank Technique OJSC
Category: Most Innovative Bank
Bank Technique provides a wide range of banking and financial services, in 2002 the Central Bank of Azerbaijan permitted the bank to hold conversion operations in the foreign exchange market. It is the first Azerbaijani bank to enter the London Stock Market, it provides innovative services to its customers such as Western Union, Blizko, Contact, Private Money, Migom, Express Money, Lider and other innovative schemes.
Category: Best Investment Bank
Pasha Bank is part of the Pasha group of companies, the bank provides investment advisory services such as managing its customer’s legal risks, operational risks, credit risks, market risks and strategic risks.
Bank Technique OJSC
Category: Best Internet Bank
Bank Technique OJSC, is the third largest bank in Azerbaijan by Assets and has adopted the Oracle Flexcube and Oracle Analytical Applications to help increase its market share and multi channel offerings including mobile and online banking. Its internet banking features include express money transfer, card transfer, mobile bank, SMS notifications etc., as a result of applying best internet solutions and modern technologies “Bank Technique” has been bestowed with the Best Internet Bank by International Finance Magazine.
Baku Stock Exchange
Category: Best Customer Service Initiative
The Baku Stock Exchange started in February 2000 and operates as a Closed Joint Stock Company with 18 shareholders as legal entities.
International Insurance Company OJSC
Category: Best Insurance Company
It provides services such as fire insurance, passengers insurance, liability insurance for auditors, environmental insurance and transport liability insurance. IIC has achieved rapid growth within a short period of time.
Category: Best Microfinance Company
Created in 1996 as a program of World Vision, a worldwide relief and development organization, and currently operating as a non-bank credit organization under the Central Bank license, it provides financial services to have a positive impact on the lives of micro and small entrepreneurs and self-employed poor. Constant product/process refinements and developments introduced by VF AzerCredit bring more opportunities for customers whose needs are being continuously learned and incorporated into business processes. VF AzerCredit’s leadership on Azerbaijan microfinance market and active improvement of internal systems create a perfect environment for the further development of the organization into a strong financial institution to provide diversified services.