Baku, December 30, 2021. 2021 has become one of the most successful years in the history of the bank. The profit for 2021 reached almost 20 mln. manats which is 3 times exceeds the profit of the last year.
Moreover, this year the bank also successfully completed its five-year strategic development plan approved in 2017. Pursuing its strategy for the development of micro, small and medium-sized businesses, the Bank has achieved high results thanks to continuous improvement of products and services, improvement of the quality of customer service, implementation and development of new digital technologies. Thus, during this time the bank's capital increased 2 times and exceeded the threshold of 100 million manats, the loan portfolio increased 2.5 times and term deposit portfolio grew by more than twice.
As part of the strategic plan the process of changing the structure of the Bank's shareholders was also successfully completed. According to its internal investment practice, the investment company Deutsche Investitions und Entwicklungsgesellschaft mbh (DEG), as an institutional investor whose purpose is to support the private sector in developing countries, participated in Bank’s capital increase while granting the key shareholder the right to repurchase their share in the future. Taking into consideration strong financial performance of the Bank, its perspectives of further development and dividends repayment in the following years, the strategic shareholder of the bank acquired full stake of DEG in the capital of Bank Respublika in 2021.
It is noteworthy that the largest German state-owned banking group Sparkassen-Finanzgruppe remains the shareholder of the bank through its subsidiary Sparkassen International Development Trust (SIDT), what plays a significant role in implementing high corporate governance standards in the bank and with the support of which Bank Respublika is currently participating in the program technical assistance provided by Deutsche Sparkassenstiftung für internationale Kooperation eV (DSIK) within the framework of the project to support agricultural lending in Azerbaijan.
“In addition to introducing global best practices of corporate governance DEG and SIDT also played a critical role in the institutional standing of Bank Respublika. We would like to expressed our deepest gratitude to the management of DEG investment company for their invaluable contribution to the development of our bank and we plan to continue cooperation within funding attraction projects”– stated Natig Guliyev, strategic shareholder of Bank Respublika
