ABB (from ; formerly known as International Bank of Azerbaijan) is the largest bank in Azerbaijan, it's an open joint-stock company whose shares are owned by the Azerbaijani state. Its head office is located in Azerbaijan.[2]
The bank rebranded itself as ABB in 2021 following reporting on several corruption scandals. The bank played a central role in the Azerbaijani laundromat scandal.[3]
History
ABB OJSC was founded on January 10, 1992, as a joint-stock bank. ABB is currently one of the leading banks in the South Caucasus region in terms of assets, customer base and international operating portfolio. With 66 branches and 13 sub-branches in different regions of Azerbaijan, the bank provides universal banking services to private and corporate clients. The number of legal entities served by the bank is about 18,000 and individual clients are more than 2.2 million. The bank employs more than 3100 people.[4]
According to the Decree of the President of the Republic of Azerbaijan No. 1174 dated November 5, 2020, “On ensuring the activities of the Azerbaijan Investment Holding”, the Bank ABB Open Joint-Stock Company was transferred to the management of the Azerbaijan Investment Holding.