Fitch Ratings recently affirmed the long-term foreign currency issuer default rating of Azerbaijan's AGBank at "B."

The outlook on AGBank was revised to stable from negative, reflecting the stabilization of asset quality and significant improvement of operating performance, the bank said.

AGBank first received a rating from the Fitch in 2008. It also received a rating from Standard and Poor's in 2008, the first bank in the country to do so.

Established in 1992, AGBank is one of the leading private banks in Azerbaijan, offering cash and settlement services, consumer and business loans, deposit and checking accounts, plastic cards, money transfers, and travelers checks.

The bank's client base includes companies and institutions from several sectors of the economy as well as tens of thousands of individuals.

AGBank's two largest shareholders are the International Finance Corporation and the Moscow-based Kazimir Partners investment fund.

The bank cooperates closely with the European Bank for Reconstruction and Development, the OPEC Fund for International Development and the Asian Development Bank.