According to a recent press release, AccessBank, a microfinance institution (MFI) located in Azerbaijan, now has a loan portfolio that is over USD 300 million and over 100,000 customers.This represents an increase in loan disbursements of approximately USD 100 million during 2009. AccessBank is owned by six organizations: the European Bank of Reconstruction and Development (EBRD), a financial institution owned by 61 countries and two intergovernmental institutions; the International Finance Corporation (IFC), the investment arm of the World Bank; the Black Sea Trade and Development Bank, a financial institution with eleven European member countries; Germany’s KfW Development Bank; AccessHolding, a commercial microfinance holding company based in Germany; and LFS Financial Systems GmbH, a German consulting and management company that focuses on microfinance projects.
By Christopher Maggio, Research Assistant
About
AccessBank
Description:
AccessBank was founded in 2002 as the Micro Finance Bank of Azerbaijan (MFBA) and was renamed AccessBank in 2008. AccessBank is 100 percent foreign-owned by six shareholders: the European Bank for Reconstruction and Development (EBRD) (20 percent), the International Finance Corporation (IFC) (20 percent), the Black Sea Trade and Development Bank (20 percent), KfW Development Bank – the development bank of the German government (20 percent), AccessHolding (16.53 percent), and LFS Financial Systems GmbH – a German consulting company that is responsible for the management of the bank (3.47 percent).
Just the Facts:
– Year Founded: 2002
– Shareholders: European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), Black Sea Trade and Development Bank, KfW Development Bank, AccessHolding, and LFS Financial Systems GmbH
Contact Information
Andrew Pospielovsky
General Manager
andrew.pospielovsky@accessbank.az
Alovsat Guliyev str. 137
Baku
AZ
1000
Azerbaijan
bank@accessbank.az
Tel: +994 12 493 07 26
Fax: +994 12 493 07 96
Additional Resources:
MicroCapital’s Microfinance Universe profile: AccessBank
PRESS RELEASE
AccessBank Loan Portfolio Exceeds $300 mln
Baku, 02 March 2010. The loan portfolio of AccessBank, one of the lending leaders of the country, has exceeded USD 300 million and 100,000 customers. These figures represent an increase of USD 100 million and 50,000 new clients in its loan portfolio over the last 12-months.
This rapid growth can be attributed to the fact that, at the start of the financial crisis in 2008, contrary to market tendencies, AccessBank increased its maximum loan amount to any one individual client from AZN 1 million to AZN 2 million. In such a manner reinforcing AccessBank’s reputation as a reliable partner for Azerbaijan’s business community.
AccessBank General Manager Dr. Andrew Pospielovsky, commenting on the new achievements said: “AccessBank has never halted its lending activity or the growth of its portfolio and continues to make a major contribution to the economic development of the country especially in the rural regions of Azerbaijan”.
AccessBank is recognized as the most reliable bank among Azerbaijan banks by the international rating agency Fitch (BB+Long-term IDR & D individual rating) and is 100% foreign owned by six international financial institutions: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank – the Development Bank of the German government (20% share each), AccessHolding – a strategic investor in microfinance (16.5%), and LFS Financial Systems GmbH – a German consulting company (3.5%).
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