Kocbank Azerbaijan LTD CJSC Bank was founded in partnership of Kocbank Inc. (80%), controlled by Koc Holding - one of the authoritative industrial groups of Turkey, and International Finance Corporation of the World Bank (20%).
Kocbank Azerbaijan LTD was established by the authorized fund amounting to 5,000,000 (five million) under the provisions of the National Bank of Azerbaijan Republic and registered by the Ministry of Justice of Azerbaijan Republic on October 21, 1998 and the bank applied to the National Bank for getting the required license for its activity. The bank personnel was employed and trained promptly in Kocbank Inc. of Turkey in connection with long-lasting banking, and repair and maintenance works were completed at the place of operation in the course of application. The bank was granted a license # 243, dated January 11, 2000, by the National Bank of Azerbaijan Republic to commence its operation. The bank performs the activities as provided by the license issued by the National Bank of Azerbaijan Republic.
Koc Group and UniCredito Italiano SPA entered into contract of intent about 50% - 50% cooperation on “Koc Financial Services Inc.” to incorporate the companies of Koc Group acting in the financial sector and to enhance effectivity through owning great part of the shares. The Cooperation Contract was concluded in May of 2002 in Milan and the process completed on October 21, 2002. Consequently, the shares of Koc Group in financial sector (Kocbank, Koc Lease, Koc Factoring, Koc Invest, Kocbank Netherlands, N.V., Kocbank Azerbaijan CJSC and Koc Assets Management) were allocated between “Koc Financial Services” and UniCredito Italiano, and Koc Group turned into equal in rights partner of “Koc Financial Services”. The bank entered into the family of Koc Financial Services at Yapı Kredi Bank Inc. in Turkey in August 2005.
Kocbank Azerbaijan has been carrying out its operation under the name “YapıKredi Bank Azerbaijan” CJSC as of the beginning of 2007.