About Us:

Established in 2003, FORTRESS BANK IBU LTD., is an International Banking Unit of MUGAN BANK of Baku, Azerbaijan. FORTRESS BANK has been rendering its services in the participation for the development of the local economy of the country as well as on international level by rendering all types of banking services globally aiming to be one of the most BOUTIQUE private financial institution in the global banking system.
Fortress Bank is mandated in offering complete Banking services to all International Clientele, both on a Personal and Corporate level.
Fortress Bank offers variety of services that any international bank does, and all that can be done remotely with high level of confidentiality and privacy.
Established since 2003, operating in accordance with the Banking Secrecy Act and International Banking Law, Fortress Bank provides secure financial and banking services, asset and portfolio protection management that is recognized internationally.
A full range of banking and financial services are available for Fortress Bank’s Personal & Corporate clientele. We provide advisory tailored services that cut through the complexities resulting from local, regional and international business pressures. With a wealth of industry experience and specialist knowledge, our banking professionals can help you address your business needs.
At Fortress Bank, we combine Trade & Finance, Asset & Wealth Management, Investment Banking and all other International Banking Services under one umbrella aiming to fashion a Boutique Banking culture. Fortress Bank is licensed to provide all types of International Banking services, International Trade Finance, Fiduciary & Escrow Services, pre-paid debit cards are among the few.
Since its establishment, the bank held the policy of stable development, to become stronger in the International Offshore Private Investment Banking sector, and to make sure that the services become better quantitatively, as well as qualitatively.
Fortress Bank is the participant of banking system of North Cyprus, being one of the basis for its stability and reliability.

BANK MISSION

In order to meet the requirements of all clients as private, corporative and global clients with bank services with high quality and rehabilitate to establish highly-motivated staff and as a result provide dynamic growth of profitability and the investment value of the Bank.

BANK’S SLOGAN

Bank’s slogan is to be “Their own” to private depositors, respectable in corporative Client’s eyes, support and assistance for state, to be recognized in international standards.

Fortress Bank aims to provides the following banking services to legal and neutral persons:

  • Receiving free funds from global clients as deposits;
  • Submitting the client’s deposits cases;
  • Operations with trade financing, investment & wealth management, plastic cards;
  • Rendering all types of currency operations;
  • Funds transferring to all countries of the world;
  • Submitting credits, Collateral Based Funding, Trade Finance, Investment & Fund raising for projects.

STAFF CAN SOLVE EVERYTHING

High professionalism and operation ability of bank employees allow to inform clients correctly, to render high quality services which in its turn supports increasing the number of rendered clients daily.

BANKING WITHOUT BORDERS

We plan to significantly increase partnerships and mutual activities with Russian banks, big foreign banks, invested and ventured funds in the spheres of joint realization of mutual beneficial projects.

RISK MANAGEMENT

Risk Management Policy of “Fortress Bank IBU Ltd.,” is implemented in accordance with the “Regulations on Corporate Governance Standards in Banks” and “Risk Management Standard” of the Central Bank of TRNC, Management Committee Recommendations on “Risk Management in Credit Organizations”, best risk management practices in credit organizations, and the Bank’s Charter and Strategic Plan. The key objectives of this Policy include the organization and principles of risk management work, the defining of the duties and responsibilities of responsible units, and the setting of strategic and daily risk management, monitoring and control limits.

The organization of risk management work is specified as follows as per the Corporate Governance Standards of Fortress Bank:

Managing a risk identified and regulated hereunder embraces the Bank’s all products, services and business processes, as well as, the third party services provided to the Bank. Furthermore, this Policy applies to the Bank’s all employees, investments, hardware and software, including its procedures and legal relations. The core objective of risk management systems is to minimize risks not to pose a threat to the Bank’s profitability.

Risk Management Authorities are divided into the following groups:

Risk management shall constitute an inseparable part of general bank management. In this regard, Risk Management authorities are divided into the following groups:

Responsibilities of Risk Management Department:

a. Organization of risk management work at the Bank;
b. Risk analysis;
c. Risk management and giving recommendations in respect of risk policy;
d. Development of risk management procedures;
e. Assistance to product development;
f. Updating the management on risks;
g. Updating Risk Management Committee on risks and rendering an organizational support to Risk Management Committee.

Responsibilities of Risk Management Committee:

a. Risk change analysis;
b. Preparation of recommendations in respect of risk policy;
c. Preparation of proposals in respect of risk limits;
d. Ensuring a control over decision-making on risks;
e. Assessment and review of risk management procedures;
f. Rendering an operational support to risk management process;
g. Specifying relevant risk units and officers.

Responsibilities of Credit Committee:

a. Approving loans that exceed the limits set by Supervisory Board;
b. Giving recommendations in respect of Lending Policy;
c. Analyzing the growth in credit risks, specifically:
  • Developing lending standards by territories and types of activity;
  • Monitoring concentrations in loans;
  • Monitoring loan portfolios;
  • Collateral valuation;
d. Supervising all loan repayments;
e. Reviewing and analyzing the adequacy of loan loss provisions;
f. Fixing rates of interest for loans;
g. Reviewing, assessing and revising lending procedures;
h. Ensuring a control over decision-making in respect of credit risks, in particular:
  • Ensuring a control over compliance with lending procedures

Responsibilities of Asset & Liability Committee:

a. Managing the Bank’s assets and liabilities;
b. Setting liquidity management objectives and directionss;
c. Setting an interest rate policy;
d. Setting market risk policy objectives and directions;
e. Setting funds management objectives and directions;
f. Ensuring compliance with standards and ratios set by legislation;
g. Ensuring a control over decision-making in respect of liquidity and market risks.

Responsibilities of IT Committee:

a. Making key decisions in respect of investments in information technologies, including both hardware and software;
b. Assessing the Bank’s IT risks;
c. Ensuring an incessant operation of management information system;
d. Ensuring an incessant operation of automated operational systems;
e. Preparing and updating emergency back-up plans;
f. Creating relevant Accounting data and MIS archives;
g. Reviewing and updating information technologies-related procedures;
h. Ensuring a control over decision-making in respect with IT risks.

Responsibilities of Management Board (for risk management):

a. Effecting risk management at the Bank;
b. Rendering support to risk-related committees;
c. Preparing its proposals in respect of risk policy (other than Risk Management Committee proposals) and submitting to Supervisory Board;
d. Making risk status reports to Supervisory Board;
e. Submitting risk limit changes to Supervisory Board for their approval;

Responsibilities of Supervisory Board (for risk management)

a. Approving the Bank’s Risk Policy;
b. Approving risk limits and any change of risk limits;
c. Supervising Management Board;
d. Forming risk-related committees;

Responsibilities of the Bank’s employees (for risk management):

a. Acting in compliance with risk management regulations;
b. Complying with NBA’s regulations and internal regulations in respect of risks;
c. Reporting about new types of risks and changes in risks;
d. Ensuring delivery of and attending necessary training;
e. Performing their duties in good time and effectively;

Responsibilities of Internal Audit (for risk management):

a. Exercising control over effectiveness of risk management system at the Bank;
b. Identifying new risks;
c. Supporting risk management arrangement process;
d. Cooperating with Risk Management Committee, aside from being the Committee members;

Management & Shareholding Profile

Supervisory Board

  • Kamran Zaheer
  • Pembe Kiprit
  • Mehmet Kulle
  • Hyder Shirazi
  • Funda Asal
  • Elmir Mehdiyev

Structure Of the Bank:

OUR PROFILE

Fortress Bank is mandated in offering complete Banking services to all International Clientele, both on a Personal and Corporate level.
Fortress Bank offers variety of services that any international bank does, but all that can be done remotely with high level of confidentiality and privacy.
Established since 2003, operating in accordance with the Banking Secrecy Act and International Banking Law, Fortress Bank provides secure financial and banking services, asset and portfolio protection management that is recognized internationally.

Services

A full range of banking and financial services are available for Fortress Bank’s Personal & Corporate clientele. We provide advisory tailored services that cut through the complexities resulting from local, regional and international business pressures. With a wealth of industry experience and specialist knowledge, our banking professionals can help you address your business needs.
At Fortress Bank, we combine Trade & Finance, Asset & Wealth Management, Investment Banking and all other International Banking Services under one umbrella aiming to fashion a Boutique Banking culture.
Fortress Bank is licensed to provide all types of International Banking services, International Trade Finance, Fiduciary & Escrow Services, E-Payment Processing Services, pre-paid debit cars are among the few. For detailed list of services, please contact our officers who will be more than willing to assist you.

Management

Innovative management techniques enable us to structure creative, individualized services and products for our clientele. Internet banking is accessed using secured internet servers. Our clients are not only able to view their transactions online but transfer funds, request letters of credit, request currency exchange options etc.

Location

We maintain our Head offices in the birth place of Aphrodite, addressed at No: 9, Sh.Huseyin Pasa Avenue, Yeni Sehir, Lefkosa, Cyprus. Cyprus is proudly reclaiming its ancient honor of being the birthplace of the goddess Aphrodite, and is offers a tasteful re-creation of her ancient rites. The goddess of love and beauty knew what she was doing when she chose the lovely island of Cyprus as the site of her emergence from the sea-foam.

Compliance

Fortress Bank is subject to, and in compliance with, all relevant legal and regulatory requirements regarding Corporate governance, in particular with all applicable laws, relating to Corporate Governance as well as the standards established in the Code of Best Practice for Corporate Governance.
In addition, Fortress Bank is in compliance with all relevant banking standards applicable to the banks. Fortress Bank operates under a strict guideline structure, as mandated by International banking law, number

Board Of Directors

The Board of Directors (BoD) has a fundamental task for the accomplishment of our objectives to establish a sparkling image of a trusted and a friendly bank, all within the framework of cautious and effective controls.
The Board determines the banks aims, necessary financial and human resources upon recommendation of the Chief Executive Officer, and sets the values and standards to ensure that our obligations to our customers as well as to the relevant governing authorities are met.

Regulation & Supervision

The Board determines the banks aims, necessary financial and human resources upon recommendation of the Chief Executive Officer, and sets the values and standards to ensure that our obligations to our customers as well as to the relevant governing authorities are met.

Auditors

Audit is an integral part of corporate governance. While safeguarding their independence, the external auditors closely coordinate their work with the banks Internal Audit. The GM, and ultimately the BoD, supervises the effectiveness of audit work.
Our auditors are Fikri & Co. Chartered Accountants

Articles Of Association

The articles of association are the basic legal document of the company and therefore have to be submitted for approval to the shareholders' meeting.
Please click here to download a copy of CERTIFIED ARTICLES OF ASSOCIATION OF FORTRESS BANK I.B.U. LIMITED.