Shareholders and the Supervisory Board of "Bank of Baku" A new strategic program for the development of the bank. One of the key elements of the program will expand its branch network. Bank will open 10 new branches and thus the number of branches "Bank of Baku" in the capital and regions of the country will increase by over 50%. Also, the decision to build in Baku building area of ??10,000 square meters for the new head office of "Bank of Baku". In addition, more attention will be given to the introduction of technology in customer service, the introduction of new banking products and services, development of human resources, maintaining leading positions in the bank sector.
To guide the strategic development and timely execution of complex tasks Observatory "Bank of Baku" created the post of Director-General, with the direct subordination of the Supervisory Board. Farid Alizadeh, the former chairman of the Board of "Bank of Baku" was appointed. Farid Alizadeh, as a member of the Board, will also be in charge of all tasks related to the administration block.
"Our organization has made great strides over the past few years, and proof of this is the loyalty of more than half a million customers and hundreds of partners, including the international rating agency Moody's, which awarded our bank has the highest rating in its category. New business development strategy and structure of the bank is a continuation of our success. Achievement of the objectives assigned to this position, is an ambitious task that requires special permissions and full concentration," said Farid Alizadeh, Director General of" Bank of Baku ".
To ensure the success of operations and its future development Farid Huseynov, the former first deputy chairman of the Board, the Supervisory Board was appointed Chairman of the Board of "Bank of Baku".
"Thanks to the talent and hard work of our outstanding team" Bank of Baku "is now one of the leaders of the financial sector. We will continue our successful development, carrying out assigned tasks in the strategic plan, using the technological innovation and developing our human resources," said Farid Huseynov, Chairman of the Board of" Bank of Baku ".
Open Joint Stock Company "Bank of Baku", founded on 14 February 1994 and is one of the first commercial banks of Azerbaijan. The Bank has 19 branches and more than 500,000 clients. International rating agency Moody's has assigned a rating to the bank B2 with positive outlook. Over the past two years the bank's assets increased 2-fold, reaching more than 500 million AZN. The bank's capital exceeded 95 million AZN. -15D ---
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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