Kapital Bank
An Azerbaijani commercial bank with roots in the savings-bank system established in Baku in 1874.
Last updated August 24, 2026
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Overview
Kapital Bank is a commercial bank operating in Azerbaijan and headquartered in Baku. Its institutional history is traced to a savings treasury established in Baku on July 24, 1874, within the Baku branch of the State Bank of the Russian Empire. The early savings offices formed part of the imperial banking infrastructure in the city, while local Azerbaijani figures, including Haji Zeynalabdin Taghiyev, Haji Baba Hashimov, and Haji Shikhali Dadashov, served on the branch's Accounting Committee. The branch was headed by Ivan Samsonovich Khandozhevsky. The bank's historical development followed the major political and institutional changes affecting Azerbaijan. After the proclamation of the Azerbaijan Democratic Republic, the State Bank of Azerbaijan opened on September 30, 1919. Savings-office activity resumed on December 1 of that year, linking the country's emerging national financial institutions with the earlier savings network. Following the incorporation of Azerbaijan into the Soviet system in 1920, the Baku branch of the Russian State Bank was abolished by a decision of the Azerbaijani Revolutionary Committee dated June 9, 1920, and its functions were merged into the newly established People's Bank. In January 1924, state labor savings banks operating under the State Bank of the USSR were established in Azerbaijan. This arrangement continued through the Soviet period, when the savings system was administered as part of the wider Soviet banking structure. In 1988, the Azerbaijani savings institutions were reorganized as the Azerbaijan branch of the USSR Savings Bank. That reorganization provided the immediate institutional predecessor for the post-independence bank. On February 11, 1992, the Azerbaijan Savings Bank was formed on the basis of the former USSR Savings Bank branch. The institution subsequently became part of a broader consolidation of Azerbaijani state-linked banking assets. By a decision of the Cabinet of Ministers dated February 21, 2000, the Azerbaijan Savings Bank, Agrarian-Industrial Bank, and Industrial-Investment Bank were merged to create the United Universal Joint-Stock Bank of Azerbaijan, commonly known as BUSBank. The consolidation brought several banking operations under a single organization during a period when Azerbaijan's financial system was being reorganized after independence. At an extraordinary shareholders' meeting on December 29, 2004, the bank approved the change of the BUSBank name to Kapital Bank. The name established the current commercial-bank brand while preserving the institution's long continuity with Azerbaijan's savings-bank and public banking history. As an Azerbaijani commercial bank, Kapital Bank's broad business scope is associated with banking services for individuals and organizations, including deposit and account services, payments, lending, cards, and other financial products. The available reference material does not provide a complete current product catalogue, ownership structure, executive roster, financial results, or detailed information about digital channels and branch operations. Accordingly, those details are not asserted here.
History
Kapital Bank's history begins with the establishment of a savings treasury in Baku on July 24, 1874. The treasury operated through the Baku branch of the State Bank of the Russian Empire, whose executive head was Ivan Samsonovich Khandozhevsky. The branch's Accounting Committee included prominent Azerbaijani figures such as Haji Zeynalabdin Taghiyev, Haji Baba Hashimov, and Haji Shikhali Dadashov. These early offices created the institutional foundation for a savings network that later passed through imperial, national, Soviet, and independent Azerbaijani banking structures. The proclamation of the Azerbaijan Democratic Republic brought a new phase. The State Bank of Azerbaijan opened on September 30, 1919, and the savings offices resumed activity on December 1, 1919. After the collapse of the republic and the Soviet takeover on April 28, 1920, the Baku branch of the Russian State Bank was abolished by a decision of the Azerbaijani Revolutionary Committee on June 9, 1920. Its operations were merged into the People's Bank, reflecting the replacement of the earlier imperial banking arrangement with a Soviet-style financial institution. In January 1924, state labor savings banks were established in Azerbaijan under the State Bank of the USSR. The savings system remained integrated into Soviet banking administration for decades. In 1988, the institutions were transformed into the Azerbaijan branch of the USSR Savings Bank. This branch became the direct predecessor of the independent Azerbaijani savings bank created after the dissolution of the Soviet Union. On February 11, 1992, the Azerbaijan Savings Bank was established on the basis of the former USSR Savings Bank branch. The new institution operated during a period of economic and financial transition in which Azerbaijan was rebuilding its banking system as an independent state. A later consolidation followed in 2000. Under Cabinet of Ministers decision No. 40s of February 21, 2000, the Azerbaijan Savings Bank merged with the Agrarian-Industrial Bank and the Industrial-Investment Bank. The resulting institution was named the United Universal Joint-Stock Bank of Azerbaijan, commonly abbreviated as BUSBank. The present brand name was adopted after an extraordinary shareholders' meeting held on December 29, 2004. Shareholders decided to rename BUSBank as Kapital Bank. The change gave the consolidated institution a new public identity while retaining a historical connection to the savings offices and banks that had operated in Baku since the nineteenth century. Kapital Bank is described as a commercial bank operating in Azerbaijan and headquartered in Baku. The supplied references do not establish a detailed chronology of later product launches, ownership changes, leadership appointments, financial performance, branch expansion, or technology initiatives. Those areas therefore remain undocumented in this entry rather than being supplemented with unsupported claims.
- 2004
BUSBank renamed Kapital Bank
[1]At an extraordinary shareholders' meeting on December 29, the bank approved the name Kapital Bank.
- 2000
Banking merger creates BUSBank
[1]The Azerbaijan Savings Bank, Agrarian-Industrial Bank, and Industrial-Investment Bank merged under a Cabinet of Ministers decision to form the United Universal Joint-Stock Bank of Azerbaijan, or BUSBank.
- 1992
Azerbaijan Savings Bank formed
[1]The Azerbaijan Savings Bank was established on February 11 on the basis of the former USSR Savings Bank branch.
- 1988
Savings institutions reorganized
[1]The Azerbaijani savings institutions were transformed into the Azerbaijan branch of the USSR Savings Bank.
- 1924
State labor savings banks established
[1]State labor savings banks operating under the State Bank of the USSR were established in Azerbaijan.
- 1920
Baku branch merged into the People's Bank
[1]Following the Soviet takeover, the Baku branch of the Russian State Bank was abolished and its operations were merged into the People's Bank.
- 1919
State Bank of Azerbaijan opens
[1]The State Bank of Azerbaijan opened on September 30 after the proclamation of the Azerbaijan Democratic Republic; savings-office activity resumed on December 1.
- 1874
Savings treasury established in Baku
[1]A savings treasury was established in Baku on July 24, forming the earliest institutional predecessor associated with Kapital Bank.
Products and positioning
A domestic Azerbaijani commercial bank positioned around broad banking access and a long institutional history rooted in the country's savings-bank system.
Banking services
Retail banking
The bank's retail scope is associated with services for individual customers, such as accounts, savings, payments, cards, transfers, and personal borrowing. The supplied reference does not identify individual product names, eligibility rules, fees, or current delivery channels.
Banking services
Corporate banking
Kapital Bank is a commercial bank and therefore has a business-banking scope serving organizations and enterprises. The available material does not provide a detailed list of corporate accounts, credit facilities, treasury products, or sector-specific offerings.
Deposit products
Deposits and savings
Deposit and savings services are consistent with the institution's historical origin in Azerbaijan's savings-bank system. No current deposit names, rates, terms, currencies, or balance information are established by the supplied sources.
Credit products
Lending
The bank's general commercial-banking scope includes lending for customers, although the available reference does not specify current consumer, mortgage, agricultural, commercial, or other loan products.
Payments
Payments and cards
Payment services and bank cards are included among the typical services associated with a modern commercial bank. The reference material does not document particular card schemes, payment platforms, launch dates, or transaction features.
Brand decisions
2004
Adoption of the Kapital Bank nameStrategyBackground
The institution had been operating as the United Universal Joint-Stock Bank of Azerbaijan, commonly known as BUSBank, since the 2000 merger of three Azerbaijani banks.
Action taken
At an extraordinary shareholders' meeting on December 29, shareholders decided to rename BUSBank as Kapital Bank.
Aftermath
The renamed bank continued operating as an Azerbaijani commercial bank under the Kapital Bank brand.
Sources2 sources
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