The Royal Bank of Baku's legal name is "Royal Bank of Baku Open Stock Company". It was established as a joint commercial bank in August 1993 with the name "OZ Bank", the Royal Bank of Baku was the first joint venture bank to start business since 1991 when Azerbaijan gained independence. The bank carries out its activity pursuant to the banking license No-158 issued by the National Bank of Azerbaijan on August 2, 1993. The current management took control of the bank in 2004, and began a management and financial re-organization program.
In 2006, the legal status of the Royal Bank of Baku was changed to Open Stock Company, as the bank's shares and notes are listed on the Baku stock exchange.
The Royal Bank of Baku is a commercial bank which fosters financial cooperation and serves as a bank for its corporate and individual clients in Azerbaijan.
The head office in Baku operates twenty seven branches in Baku, Ganja, Gazakh, Sumqayit and Tovuz, all in Azerbaijan. The bank currently employs around 400 staff thoughout the country.
The Royal Bank of Baku is in full compliance with the current capital requirements and all other financial regulations promulgated by the National Bank of Azerbaijan.
The Royal Bank of Baku's mission is to gain the trust of a select, high-quality client base, and to provide all of their personal and business banking needs in Azerbaijan's rapidly growing economy.
The Royal Bank of Baku's main line of business is providing retail banking services to individuals and small to medium business enterprises ("SME"). The Royal Bank of Baku's attractive level of profitability is primarily due to its high rate-of-return on its portfolio of retail and auto loans.
The Royal Bank of Baku is currently experiencing organic growth of more than 200% (2007) due to the dynamic Azerbaijan economy, and is seeking capital to continue to gain market share. The Royal Bank of Baku has recently signed a financing agreement with an International Fund to provide almost US$30 Million worth of investment.