name and background
full name: Bank of Baku Open Joint Stock Company
founded: 1994<
spanstyle="font-size: inherit"> headquartered in Caspian, 44 Jabbarli Street, Baku, Azerbaijan Plaza III
<span style="font-size: inherit"> Shareholder Background: Bank of Baku is a joint venture bank with local and international investors as its shareholders, and its shareholder structure is not disclosed. The bank is not listed on the Azerbaijan Stock Exchange and is a public company limited by shares, emphasizing market-oriented operations and customer-oriented services.
service scope
Coverage area:Bank of Baku mainly serves the whole of Azerbaijan, covering major cities such as Baku, Ganja, Sumgait and surrounding areas. Banks support cross-border financial services through international payment systems such as Visa and MasterCard, but do not have overseas branches.
Number of offline branches: As of 2023, the bank has 21 branches in Baku and other major cities across the country, such as Ganja, Sumgait and Haziaslanov regions, and the expansion plan continues.
ATM distribution: The bank operates about 50 ATMs, concentrated in Baku's business districts, shopping malls and transport hubs, supporting cash deposits and withdrawals, contactless payments and transfer services.
services and products
Bank of With retail banking at its core, Baku provides a diverse range of financial services to individuals, SMEs and large enterprises:
personal banking: Savings accounts, fixed deposits, consumer loans (including quick loans and car loans), Bolkart credit card (the first large-scale credit card project in Azerbaijan), debit cards (Visa, MasterCard and contactless payments are supported) and foreign exchange services. Featured products include the "Friends Club" membership program, which offers loan offers and discounts to loyal customers.
Corporate Banking: provides investment loans, working capital loans, trade finance, bank guarantees and cash management services to enterprises. SMEs can apply for loans through the online platform and enjoy flexible repayment terms.
e-banking: Provides account management, real-time transfers, bill payments and loan application services through the Bank of Baku mobile app and online banking. The Bolgart project supports cashless payments and covers hundreds of merchants.
payment services: support international money transfers (such as Western Union), local instant transfers and POS terminal payments, ATMs support contactless transactions and deposit functions.
bank focuses on being close to customer needs with the concept of "Banking Services Close to You", especially in the areas of retail lending and cashless payments.
regulatory and compliance
regulators:Bank of Baku is regulated by the Central Bank of Azerbaijan (CBAR) and follows the Azerbaijan Banking Act and international financial standards such as the Basel Accord.
Deposit Insurance Program: Banks participate in the Azerbaijan Deposit Insurance Fund (ADIF), which protects deposits of up to 30,000 AZN (approximately $17,600) per customer.
recent compliance record: The bank has a good compliance record and no major violations. Bank of Baku adopts strict Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) measures, is regularly audited by CBAR, and its risk management system is in line with international standards.
digital service experience<
span style="font-size: inherit">App & Online Banking: Bank of Baku offers a mobile app and online banking platform with a Google Play and App Store rating of around 4.0 out of 5 stars, and has been praised for its convenient cashless payment features, but slightly less rich than industry leaders.
core function:
real-time transfers: supports domestic and international transfers via mobile app, compatible with BI-FAST and SWIFT systems.
Bill Management: Utility bills, mobile phone recharges, and loan repayments are supported.
investment tool integration: Doesn't offer stock or fund investment features, but supports deposit management and online loan applications.
> face recognition: Support account login and transaction verification.
technical innovations:
AI customer service: Mobile apps may integrate with a basic AI chatbot to handle common issues.
Open Banking API: Banks are exploring an open banking ecosystem to support third-party payment integration.
Project Bolkart: Azerbaijan's first large-scale credit card project, launched in 2011, promotes cashless payments and reaches hundreds of thousands of users.
bank has excelled in the field of cashless payments, and has won the "Leading Bank for Cashless Payments" award from CBAR for several times.
customer service<
span style="font-size: inherit"> Bank of Baku provides multi-channel customer service to meet the needs of individual and business customers:
customer hotline +994 12 931 or +994 12 493 44 88, 24/7 support.
email: Handle account and product inquiries through info@bankofbaku.com.
Live chat: Mobile apps and online banking offer live chat capabilities to quickly respond to customer issues.
branch service: 21 branches provide face-to-face consultation, working hours are Monday to Friday 9:00-18:00, and some branches support extended services.
security measures<
spanstyle="font-size: inherit"> Bank of Baku uses a multi-layered security mechanism to protect customer funds and data:
cybersecurity: using SSL encryption and multi-factor authentication (including face recognition and SMS verification), Customer data is anonymized to ensure privacy.
Anti-Money Laundering & Anti-Fraud: Strict compliance with CBAR'S AML/CFT requirements, monitoring of suspicious transactions, and regular risk assessments.
transaction security: Corporate customers reduce the risk of unauthorized transactions through the multi-level authorization mechanism of online banking.
Physical security: Branches and ATMs are equipped with surveillance systems and security personnel to prevent theft and fraud.
featured services and differentiations
Bank Of Baku is unique in the Azerbaijani banking industry thanks to its retail banking expertise and innovative capabilities:
Bolgart credit cards: Launched in 2011, Azerbaijan's first large-scale credit card project reached hundreds of thousands of users and promoted the popularization of cashless payments.
Friends Club: Exclusive loan offers, discounts, and points rewards for loyal customers to increase customer loyalty.
Cashless Payments Pioneer: Winner of the CBAR "Leading Bank for Cashless Payments" award multiple times, POS terminals and ATMs support a wide range of contactless transactions.
SME support: Flexible loan terms and fast approval processes to support local entrepreneurship and economic development.
Social Responsibility: Supporting education and employment through activities such as "Career Day" and strengthening community ties with customer events such as anniversary 382,000 AZN gift giveaways.
summary
Bank of Baku, a joint venture commercial bank in Azerbaijan, occupies a significant position in the market with its retail banking expertise and cashless payment innovation. The bank caters to the needs of individuals to SMEs through diversified products, solid financial performance and customer-oriented services. Its unique services, such as the Bolgart program and the Friends Club, further enhance its competitiveness in the market. Bank of Baku is a trusted option for customers looking to access convenient financial services or support retail operations in Azerbaijan.
