History of the Bank could be divided in following four parts
- Bank was founded and licensed from Central Bank.
1991-2000 Self Promotion period
- At this stage of development of Bank there were around 300 Banks in our country and period was accompained high inflation rates and bankcrupties of number of banks. To get the trust of clients was the most important at that period;
- Bank staerted to expand its network and became the member of Association of Commercial Banks and Interbank Currency Exchange.
2000-2007 Integration to Foreign Financial Institutions
- Starting from 2002 Parabank began its cooperation with German Azerbaijan Fund and attracted 2 mln EUR credit line for SME's financing as well as number of training on institution development.
- In 2003 Pricewaterhousecoopers has checked annual report of Parabank and confirmed its correspondance to IFRS.
- Parabank became one of the cofounders of Millicard Processing center.
- Bank became a member of Visa Clearing system.
2007-2010 The Period of High growth
- Bank implemented strategic growth plan covering 2008-2010 years and put ambicious plans forward;
- Bank made a historical step by purchasing its own Headquarter located in Samed Vurgun 60;
- Bank got the membership of Azerbaijan Deposits Insurance Fund;
- Bank became official dealer of Western Union in Azerbaijan and managed to settle this payment system in 26 Banks and 140 points of "Azerpost";
- Bank managed to receive international ISO certificate (ISO 9001-2000) proving the high quality of its services;
- Bank acquied Platinum sponsorship for AMFA's regular Investors Fair held in October;
- Parabank has built good relations with number of Financial Institutions such as EBRD, KfW, Planis, DWM and others;
- For today bank has 16 licensed branches of which 8 are located in regions. There are also 2 new branches which are without license yet.