OREANDA-NEWS. January 19, 2007. Bank Respublika, which started operating over 15 years ago, continues its dynamic development and 2007 saw a further strengthening of its position among Azerbaijan’s leading banks, reported the press-centre of Bank Respublika.

The Bank’s key financial performance indicators - its assets, credit portfolio and customer deposits - more than doubled in 2007. Its assets increased by 127,5% in 2007, totaling AZN 253,300,000 as of January 1st, 2008. The Bank’s credit portfolio expanded by 109,4%, totaling AZN 159,000,000 by the end of last year. Customer deposits also experienced a growth of 115,0% during 2007 and now exceed AZN 111,500,000.

As of January 1, 2008, the number of Bank Respublika active bank cards was over 20,000, a two-fold increase on the figures from the beginning of 2007. The number of express money transfers carried out by private individuals also doubled, exceeding USD 100 million.

Bank Respublika’s authorized capital increased to AZN 12,600,000, while the total capital rose to AZN 23,600,000 in 2007. According to the operating results, in 2007 the Bank’s income totaled AZN 30,855,00 and its expenses amounted to AZN 24,037,000. The Bank’s income balance equaled AZN 6,818,000 within that period.

One of the Bank’s important achievements in 2007 was the improvement of its rating figures. Moody’s Investors Services gave the Bank a positive forecast and assigned it an international rating of B2, one of the highest in the private banking sector of Azerbaijan.
In 2007, Bank Respublika extended its cooperation with the European Bank for Reconstruction and Development, Asian Development Bank, International Finance Corporation, Netherlands Development Finance Company (FMO), German Investment Company DEG, Black Sea Trade and Development Bank, German-Azerbaijani Foundation. Raiffeisen Bank, Commerzbank AG and other international financial organizations.

In 2007, the European Bank for Reconstruction and Development awarded Bank Respublika a syndicated credit of USD 24 million, one of the largest credits in the history of the Azerbaijan banking. The bank was also awarded EBRD Senior Partner status for the results of the Azerbaijan Multi Bank Framework Facility Project for micro- and small-sized enterprises (AMBF-MSE).

During 2007, Bank Respublika also implemented several new products and services for customers, and held various prize draws among clients. The Bank became a member of the Deposit Insurance Foundation, which was established under the act on deposit insurance. Deposits placed in Bank Respublika are insured in accordance with the Foundation’s terms and provisions.

2 Bank Respublika branches and 4 service points were opened in 2007. The Bank now has 14 branches and 10 service points, located in Baku, Ganja, Sumgayit, Ali Bayramli, Guba, Khachmaz, Lenkoran, Masalli, Yevlakh, Barda, Shamkir and Goychay. Ofis24, which offers a 24-hour service to customers, 7 days a week, also operates in Baku.

In 2007, Bank Respublika established Respublika Invest LLC, which is actively involved in the securities market and holds shares in the Baku Stock Exchange. Bank Respublika has also become a shareholder of Baki S?gorta insurance company.

Due to the success of its operations, Bank Respublika received a national business award, Company of the Year 2007, in the Bank of the Year category.

Having achieved significant success in 2007, Bank Respublika is planning to further expand its operations in 2008.