OREANDA-NEWS. August 05, 2014. “Muganbank” OJSC was established in 1992 and has become one of the country’s foremost financial institutions over these 22 years through providing full-range banking services to broad masses of population as well as to corporates and organizations.

The Bank is taking an active part  in projects relating to various sectors of the country’s economy, and pursuing an active policy of promoting business relations and expanding correspondent relations.

Muganbank is cooperating with such financial institutions as the US Agency for International Development (USAID), European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), World Business Capital, Inc. (WBC), Overseas Private Investment Corporation (OPIC) and Islamic Corporation for the Development of the Private Sector (ICD).

Muganbank has been awarded by European Bank for Reconstruction and Development  (EBRD) Trade Faciliation Programme (TFP) “Most Active Issuing Bank in Azerbaijan in 2013” according to the EBRD reports on its operations in Azerbaijan in 2013. The award was presented to the Bank as part of the annual Trade Facilitation Programme (TFP) Information Session and Award Ceremony during the EBRD 2014 Annual Meeting and Business Forum during May 14-16, 2014 in Warsaw.

One of the most recent achievements has been the establishment of  Euro-commercial paper programme (ECP programme) for Muganbank supported by Baker & McKenzie, BCP Securities (USA) v? BNP Paribas (UK) and the first offering of notes under the programme. The proceeds from the issue will be used for the Bank’s general corporate purposes. It should be particularly emphasized that Muganbank was the first in Azerbaijan to initiate a Euro-commercial paper programme. 

As per the Bank’s financial statements as of 2014/Q1, its chartered capital  is 41.3 mln. manat and total capital 51.6 mln. manat. This showcases that Muganbank is getting closer to reach Central Bank’s  minimum capital requirement which is 50 million manat.

In order to serve customers more effectively and enable the population in regions to benefit by  various bank services, Muganbank is expanding its service network through opening new branches in regions of the country.

At present the Bank’s 38 branches and 7 sub-branches in the country effectively serve customers with all types of banking products. Muganbank also has a represenative office in Moscow.