Top 10 Banks in Azerbaijan

Top 10 Banks in Azerbaijan
Top 10 Banks in Azerbaijan
Top 10 Banks in Azerbaijan
Mesan Ali

Apr 18, 2025

Apr 18, 2025

7 min read

7 min read

Azerbaijan's banking sector is a cornerstone of its economy, blending a variety of private and state-owned institutions to serve both individual and corporate clients. This article explores the top 10 banks in Azerbaijan, delving into their key features, services, and the requirements for opening a bank account.

Overview of Banking in Azerbaijan

The banking landscape in Azerbaijan is primarily characterized by commercial banks, which control over 90% of the total financial sector assets. Although the sector is relatively small in relation to the size of the national economy, with total banking sector assets accounting for about 47% of GDP as of 2020, its role in facilitating economic growth, providing necessary financial services, and promoting savings and investments cannot be overstated. The sector offers a wide array of services, including personal accounts, loans, and corporate financing, making it instrumental in the country’s ongoing economic development.

Document Requirements

Opening a bank account in Azerbaijan is a straightforward process, though it requires specific documentation to ensure compliance with regulatory standards. Generally, prospective account holders must present the following documents:

1. Proof of Identity: A government-issued identification document, such as a passport or national ID card.

2. Proof of Address: A recent utility bill or residence certificate confirming the applicant's address.

3. Taxpayer Identification Number (TIN): Required for tax identification purposes.

4. Proof of Employment or Source of Income: This can be an employment certificate, payslip, or business registration document.

5. Passport: Necessary for foreign nationals.

6. Alien Certificate of Registration (ACR): Required for non-resident applicants.

7. Initial Deposit: The amount required varies depending on the type of account being opened.

Top 10 Banks in Azerbaijan

Here’s a breakdown of the most popular and well-established banks in Azerbaijan, offering everything from personal banking to corporate solutions.


1. International Bank of Azerbaijan

As the largest bank in the country, the International Bank of Azerbaijan (IBA) is a pivotal player in the financial landscape. With assets amounting to approximately 11.5 billion manat (around $6.7 billion) as of the first quarter of 2023, IBA serves as a cornerstone for both personal and corporate banking. Headquartered in Baku, the bank provides a comprehensive range of services, including personal accounts, corporate financing, investment opportunities, and digital banking solutions. Its extensive network of branches and ATMs across the nation makes banking accessible for all customers, and its commitment to modernization has helped it adapt to the evolving financial needs of Azerbaijani citizens.


2. PASHA Bank

Founded in 2007, PASHA Bank has quickly established itself as one of the leading financial institutions in Azerbaijan, boasting assets of about 8.6 billion manat (around $5 billion). Its headquarters are also in Baku, where it offers a diverse suite of banking services, including personal banking, corporate banking, investment management, and digital banking. PASHA Bank is particularly noted for its personalized services and innovative financial products, catering to the dynamic needs of its clientele ranging from individuals to large corporations. The bank's focus on corporate clients has positioned it as a preferred partner for businesses looking for tailored financial solutions.


3. Kapital Bank

Kapital Bank, another major player in Azerbaijan's banking sector, has assets totaling approximately 7.7 billion manat (around $4.5 billion) as of Q1 2023. Established in 2000 and headquartered in Baku, the bank provides a full spectrum of banking services, including retail and corporate banking, investment products, and digital solutions. It is particularly recognized for its customer-centric approach and competitive loan offerings. With a robust branch network across the country, Kapital Bank is committed to enhancing customer experience through technological innovations and expanding its service availability.


4. Xalq Bank

With assets of about 2.7 billion manat (approximately $1.5 billion), Xalq Bank has been a significant contributor to Azerbaijan's banking landscape since its inception. Headquartered in Baku, the bank caters to a variety of customer needs by offering personal and corporate banking services, as well as investment and digital banking options. Xalq Bank is particularly focused on inclusivity, providing financial services to underserved segments of the population. This commitment to accessibility, combined with its competitive pricing and comprehensive service offerings, makes it a popular choice among Azerbaijani consumers.


5. Bank Respublika

Bank Respublika, with assets estimated at 1.6 billion manat (around $9.4 million), is a prominent institution headquartered in Baku. The bank offers a broad range of services, including personal accounts, corporate financing, investment solutions, and digital banking. Established in 1992, Bank Respublika has built a reputation for reliability and customer service excellence. It is particularly focused on fostering small and medium-sized enterprises (SMEs) by providing tailored financial products that meet the unique needs of these businesses. The bank's commitment to innovation and customer satisfaction has solidified its position in the competitive Azerbaijani banking market.


6. Unibank

Unibank is another key player in Azerbaijan's financial sector, with assets totaling around 1.4 billion manat (approximately $8.2 million) as of Q1 2023. Established in 2002 and headquartered in Baku, Unibank provides a wide range of banking services, including personal banking, corporate banking, investment products, and digital banking solutions. The bank is known for its innovative approach to financial products, often introducing new services that cater to the evolving needs of its customers. Its focus on customer satisfaction and community engagement has made it a trusted choice for many Azerbaijani residents.


7. AccessBank

AccessBank, with assets of about 1.2 billion manat (around $7 million), is a commercial bank that has been operational since 2002. Headquartered in Baku, AccessBank offers a variety of financial services, including personal and corporate banking, investment options, and digital banking services. The bank is particularly noted for its commitment to financial inclusion, providing services to low- and middle-income individuals and small businesses. AccessBank’s innovative banking solutions and community-focused initiatives have garnered it a loyal customer base, making it a vital contributor to the country’s economic development.


8. Rabitabank

Rabitabank, with assets of approximately 924.3 million manat (around $543.7 million), has established itself as a significant player in the Azerbaijani banking sector. Headquartered in Baku, Rabitabank offers a range of services that include personal and corporate banking, digital banking, and investment products. The bank has a strong focus on customer service and has invested in technology to enhance its digital banking capabilities. This commitment to innovation and customer satisfaction has helped Rabitabank maintain a competitive edge in the market.


9. Azer-Turk Bank

Azer-Turk Bank is another notable institution with assets totaling 913.2 million manat (around $537.1 million). Headquartered in Baku, the bank provides a diverse range of banking services, including personal accounts, corporate financing, investment products, and digital banking solutions. Established in 1996, Azer-Turk Bank has focused on building strong relationships with its clients, offering personalized services that cater to individual and corporate needs alike. Its commitment to innovation and customer service has made it a respected name in Azerbaijan's banking industry.


10. Yelo Bank

Rounding out the list of the top 10 banks in Azerbaijan is Yelo Bank, which has assets of approximately 830.3 million manat (around $488.4 million). Headquartered in Baku, Yelo Bank offers a wide range of financial services, including personal and corporate banking, investment options, and digital banking. Since its establishment, Yelo Bank has prioritized a customer-first approach, leveraging technology to enhance the banking experience. Its modern banking solutions and commitment to client satisfaction have positioned Yelo Bank as a rising star in Azerbaijan's financial sector.

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Conclusion

Azerbaijan's banking sector is marked by a few dominant institutions that play a vital role in the nation’s economic landscape. The top 10 banks highlighted in this article are leading players in terms of assets, services offered, and customer satisfaction. When selecting a bank in Azerbaijan, it is crucial to consider individual financial needs and preferences, as each bank provides unique services and features designed to cater to various customer segments.

By evaluating these top 10 banks, individuals and businesses alike can make informed decisions to meet their financial requirements, ensuring they choose a banking partner that aligns with their personal or corporate goals. The future of banking in Azerbaijan looks promising, with ongoing innovations and a commitment to customer-centric solutions at the forefront of the sector's evolution.

© 2025 Elevate Pay. Bloom Financial Technologies Inc trading as Elevate Pay is a financial technology company, not a bank. Banking services provided by licensed banking partners

© 2025 Elevate Pay. Bloom Financial Technologies Inc trading as Elevate Pay is a financial technology company, not a bank. Banking services provided by licensed banking partners

© 2025 Elevate Pay. Bloom Financial Technologies Inc trading as Elevate Pay is a financial technology company, not a bank. Banking services provided by licensed banking partners