15 March 2013

Statement of Rabitabank OJSC due to the spread information in the media

We hereby inform you that “Illegal acts of officials of “Rabitabank” OJSC were found out” titled articles and similar information were spread in some mass media on March 12, 2013, as if the bank has caused significant damage in the interests of the state and citizens.
It should be stated that the mentioned person applied to the bank in February, 2007 for the purpose of purchasing an apartment and he was issued mortgage credit in the amount of AZN 42 500. Apartment 29 of building 106 situated in Mahammad Hadi street, Khatai district, Baku city and belonging to the client’s father Guliyev Sabir Nuru oglu was mortgaged in favor of the bank and taken into state registration as a warranty for credit by suggestion of the client. Payments are fully and timely being made by the client on this credit now. 
The client reapplied to the bank on July 15, 2009 in order to obtain credit for repair of the apartment and he was issued credit in the amount of AZN 45 000. Although the client has paid AZN 33 884 out of AZN 45 000 main credit debt as well as interest debt, he did not fully and timely fulfill his obligations on the agreement and the bank applied to the court in order to ensure repayment of the rest debt amount. Khatai district court decided payment of AZN 25 162 by the client in favor of “Rabitabank” OJSC by resolution dated on December 30, 2011. The resolution came into effect and directed for the relevant executive body for implementation. Relevant measures established by the legislation are being taken in the direction of repayment of the debt of AZN 25 162 by the borrower.
“Rabitabank” OJSC are currently being directed by the managers’ team having international practice and the Bank has long-term experience in application of higher corporate management standards. Successful cooperation with the international financial institutions by “Rabitabank” is an obvious example of its transparency and consistency with the international standards. According to the results of the research conducted by “Standard & Poor’s” rating agency in 2010, “Rabitabank” OJSC was included in the list of 5 the most transparent banks of Azerbaijan. “Rabitabank” OJSC gained the first place on transparency in the ranking of the banks operating in the country developed by “Economist” newspaper. 
The management of “Rabitabank” OJSC informs that “Rabitabank” highly evaluates trust of the country and citizens as well and operates in accordance with the modern professional banking standards in order to justify confidence of its partners and clients. “Rabitabank” OJSC has always protected interests of the state and strictly followed the rules during its 20 year-period of activity and will keep on in the future.

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