INFINBANK - THE BEST PRIVATE COMMERCIAL BANK OF THE YEAR
Joint Stock Commercial Bank InfinBANK to sum up the results of the outgoing year. 2019 will be remembered for the bank by a number of significant events
Joint Stock Commercial Bank InfinBANK to sum up the results of the outgoing year. 2019 will be remembered for the bank by a number of significant events:
the Swiss investment fund increased its stake in InfinBank up to 35%, which made us a bank with foreign capital;
Already today we are celebrating the significant achievements of JSCB Invest Finance Bank in foreign economic activity. First of all, this is a successful operation in the framework of the ADB Trade Finance Program, as a result of it the amount of the net limit by ADB for InfinBANK was increased up to 13 million US dollars. In addition, Raiffeisen Bank International AG (Vienna, Austria) set a net uncovered limit on trade finance transactions upon InfinBANK equal to 3 million euros.
In 2019, InfinBANK also expanded its partnership network of commercial banks and established correspondent relations with Raiffeisenbank Moscow JSC and Moscow Credit Bank PJSC, which enabled to cover transactions with counter partners from the Russian Federation.
The recognition of the bank by foreign partners whom are opening credit lines for the bank indicates its stability and reliability. InfinBANK is the bank tested by time and customers trust. The bank’s strong position and stability are confirmed by Moody’s ratings at B2 / Stable and Ahbor-Reyting at uzA / Stable.
In 2019, bank representatives joined a number of international meetings and conferences, which expanded the pool of foreign partners opening credit lines at InfinBank for business representatives; In July 2019, representatives of Invest Finance Bank participated in the first investment forum titled “Opportunities in the capital market of Uzbekistan”, organized jointly by the Capital Market Development Agency and the Embassy of Uzbekistan in the United States. As part of the forum in New York, bank employees and management took part in a panel presentation of six Uzbek companies to American investors. We held a series of direct negotiations with portfolio investors, as a result of which American investment companies expressed interest in the partnership.
In September of the current year, InfinBANK took an active part in the II international conference “Capital Market of the Republic of Uzbekistan”, where it demonstrated its achievements and prospects to investors. The main emphasis was put on strategic development plans until 2023. And already in November this year, Invest Finance Bank became one of the partners of the International Conference on the role of the capital market in the development of the country's economy. The conference has been arranged by the Agency for the Development of the Capital Market in conjunction with the Senate of the Oliy Majlis, the Agency for Information and Mass Communications under the Administration of the President of the Republic of Uzbekistan, as well as the Agency for Management of State Assets of the Republic of Uzbekistan. The cooperation of InfinBANK with the Agency for the Development of the Capital Market of Uzbekistan in the form of sponsorship of the International Conference titled “The Role of the Capital Market in the Development of the Economy of the Country” demonstrates the importance of such events for the bank's management. InfinBANK on its example shows how, with the help of the capital market, it is really possible to finance investments in business development.
In 2019, InfinBANK corporate bonds were issued. It is another significant step in the bank’s activities to consolidate its position in the domestic banking and stock markets. Thus, in February of the current year, the Agency of the Republic of Uzbekistan for the development of the capital market registered the issue of corporate bonds of Invest Finance Bank JSCB, denominated in national currency in the amount of 100,000 units with a total value of 100 billion UZS.
InfinBANK is a pioneer in the application of a range modern IT solutions in banking practice. So, the bank has successfully implemented software products from leading world vendors, such as SAP (Germany) and Pega Systems (USA); integrated CRM system, introduced a credit conveyor, developed functional mobile applications for individuals and legal entities.
The InfinBANK mobile application for individuals released in March 2019 has firmly seized a leading position in the market. We already have more than 150 thousand users. The main competitive advantage of the product is in online lending, which has no analogues in the country today. A loan without collateral and warrantors is truly a revolution of InfinBANK in the field of lending.
Accomplishment of the bank are also noted by popular bloggers on the network. In particular, in the telegram channel @davletovuz InfinBANK was named “The Best Private Commercial Bank of the Year”. As the author of the channel noted, for several days among more than 100 heads of banks of Uzbekistan at various levels, managing bank branches in the regions of the country, employees of the Central Bank of the Republic of Uzbekistan, entrepreneurs, accountants, representatives of large companies, experts in the field of finance and financial technology, heads of public organizations, editors-in-chief of Internet sites and bloggers conducted a survey to identify the best state and best private bank of the year.
The following facts have been cited as arguments for choosing InfinBANK as the “Best Private Commercial Bank of the Year”: sustainable development, which started in 2018 and continued in 2019; foreign company share arising in the authorized capital of the Bank; the availability of online products such as lending and deposits; plans for an IPO.
Nevertheless, we are not going to remain in our current positions. These are plan for 2020:
- perfect the quality of the proposed digital banking products;
- focus on a highly marginal and at the same time undervalued retail market;
- diversify credit risks;
- transmit to the decision-making process based on the analysis of big data;
- increase self market share.
