.:First in Azerbaijan web portal about Guba city:.: Parabank

Parabank

Parabank today

Parabank remains one of the oldest banks operating in Azerbaijan Republic. Retaining its leading position in the overall system during the reporting period the bank proceeded towards development. The Strategic Plan drafted for the period of 2005-2007 envisages the acceleration of the bank’s growth rate. The staff of the bank, who take customer satisfaction as a basis, continue their search on this track, and take practical steps in the direction of designing new banking products, strengthening the relationship with a wider public, and improving the bank’s services. To develop banking services in the regions the construction of a building of the bank’s new branch in the city of Guba was completed in 2004. Construction of branch facilities in three more regions was anticipated. Practical novelties in the areas of improving work processes, upgrading material-technical basis and IT facilities, and automation of work systems at Parabank were achieved. The cooperation with German-Azerbaijan Fund, the bank’s biggest international partner, continued more successfully in 2004. The bank has fulfilled all the commitments following from the Framework Agreement signed with all the partners. To strengthen the international ties Parabank established business relations with several international financial institutions. The relationship with European Bank of Reconstruction and Development, Asian Development Bank, and International Financial Corporation can be such examples. Parabank targets the development in the direction of retail banking with the condition of maintaining its versatility.

New Service - Credits For Automobile Buyers

"PARABANK" gives for the clients the following kinds of bank services:

opening and conducting all kinds of accounts for legal and physical persons;
residents and non-residents;
realization of payments and calculations in republic and behind its (her) limits;
granting of all kinds of credits;
granting in the cash form of money resources;
realization of converting of local currency in foreign and foreign currency in national, and also converting one currency in another;
opening documentary letters of credit on behalf of the client of bank, providing necessarily acknowledgement (confirmation);
accommodation on behalf of clients of temporarily free money resources on short-term deposits;
reception of contributions at the population;
distribution of guarantees and guarantees;
granting of consulting services.

Bank also carries out transportation of available means at the request of the client. Since 2002 the bank will carry out (spend) issue of local plastic cards. Clients of bank can translate money to any distances in a few minutes on system Western Union. The bank guarantees safety of all money resources and other values placed in bank. The bank is ready to give the clients the open information on spent operations, financial reports with parameters of liquidity, reliability of bank and the conclusion of the independent auditor organizations. Direct communications (connections) in the international monetary markets and in world (global) bank sphere allow representing interests of clients all over the world. Direct and close contacts to conducting foreign financial institutions enable to provide for foreign firms and the companies working in Azerbaijan, a level and the quality of bank service accepted in their countries. "PARABANK" also closely cooperates with banks of countries - members of the CIS, carries out payments in currencies of these countries in any point near. The bank has modern technological support, communication, and also the staff for conducting bank services on a high level. The bank since 2000 is connected to the international payment system SWIFT.
Bank gives physical persons target credits for purchase of automobiles. "PARABANK" finances 70% of cost of the automobile of the CIS made in the countries, and made in other countries the credit at a rate of 60% is given out to automobiles From cost. The interest on these credits makes 30-36% Annual. Distribution of the credit needs the passport and a driving license (a registration in Baku). Term of the credit from 6 months about 18 months. The automobile is insured in firm "Basak-Inam” The automobile made in the CIS countries is insured on 2,5% from cost of the automobile, the automobile made in other countries on 3% from cost of the automobile.

Plastic Cards

As a result of work of 2002 year JSCB "PARABANK" which has begun by summer since November has started issue of own local plastic cards. In the future is planned to put several АТМ-points and POS-terminals.