Parabank OJSC

Parabank OJSC was founded on December 3, 1991 and is headquartered in Baku, Azerbaijan. Parabank provides a range of banking services in retail, corporate, commercial, business, investment, financial institutions, individual and private banking segments in the Azerbaijan Republic. It offers various savings accounts. The company’s loan products comprise loans for state employees and state establishments; employees of education and health enterprises; consumer loans on the basis of pledge; pawnbroking loans; car loans; loans on the basis of guarantee and deposits; student education loans; and patriot loans, as well as business and agricultural loans. In addition, it provides money transfer services; debit and credit cards; letters of credit and guarantees; POS terminal services; safe boxes; cash services; and cash collection services. Parabank established business relations with the European Bank for Reconstruction and Development, Asian Development Bank, International Finance Corporation and with a number of international financial institutes with the aim to strengthen its international relations. Parabank’s banking license was revoked July 21, 2016. However, unlike other banks, it decided to continue its activities. Instead, the bank appealed to the regulator for a license to operate as a non-bank credit organization. Non-bank credit organization PARA appeared in Azerbaijan in March 2017. This is the first bank in the history of the Azerbaijani banking sector that turned into a non-bank credit organization.