Universal Bank serving half million pensioners

88 affiliates of the Universal Joint Stock Bank (UJSB) currently issues pensions to 500,000 retired people and is able to serve 100,000-150,000 people more. The Bank has been authorized to issue pensions by the Ministry of Labor and Social Security, which preferred it to the Postal Service in the wake of serious embezzlements of retirement funds, according to the Board Chairman of the Bank Zakir Zeynalov.

According to him, the Bank is currently working on a draft program of collecting utility payments from the population and intends to cooperate with the International Bank in this area. The bank’s presence in most of Azerbaijan’s provinces makes this objective feasible, he said.*