Baku, Azerbaijan, December 30, 2010—IFC,
a member of the World Bank Group, is helping Azerbaijan’s TuranBank to
introduce best practices in risk management and thus boost lending to small
and medium enterprises. TuranBank first joined IFC’s advisory program
in 2009 to improve its corporate governance systems.
Work with TuranBank is part of IFC’s regional crisis-response program
to strengthen the financial sector in Eastern Europe and Central Asia.
TuranBank is the third bank in Azerbaijan to benefit from IFC’s Crisis
Response Program, and its participation is supported by the Swiss Secretariat
of Economic Affairs.
“This next stage in our collaboration with IFC is an important one for
Turan Bank,” said Nazim Sadigov, Chairman of the Management Board of TuranBank.
“With IFC’s global expertise and support we are developing best international
practices in risk management that will enable us to boost lending to SMEs
and create additional competitive benefits for our bank and our clients.”
One of the first commercial banks in Azerbaijan, TuranBank offers comprehensive
banking services for retail and corporate clients, and has assets totaling
$156 million, of which $125 million is loan portfolio.
“We are working with financial institutions across the region to strengthen
their risk management capabilities, which can create new possibilities
for local banks and have a positive impact on the banking sector in general,”
said Garth Bedford, head of the IFC’s Crisis Response Program in Europe
and Central Asia. “TuranBank is an excellent partner for us in this activity
due to the soundness of the procedures and practices they already have
in place along with their commitment to draw on IFCs experience to improve
them further to meet international standards. This will further ensure
a secure and sustainable financial institution for their clients.”
IFC’s Crisis Response Program in Europe and Central Asia was launched
in 2009 in partnership with the Swiss and Austrian Governments. To date,
the program has trained over 1,000 senior and middle-level banking professionals,
disseminating best practices in risk management and distressed assets resolution.
IFC experts also are working on legislation to help create a transparent
and operational market for distressed assets to facilitate the post-crisis
recovery in the region.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org
The Swiss State Secretariat for Economic Affairs (SECO) is the center of
expertise for planning and implementing Switzerland’s economic and trade-policy
measures in developing and transition countries worldwide. SECO's main
aims are to integrate partner countries into the global economy and to
promote the sustainable economic growth of these countries, thus contributing
to poverty reduction. For more information, visit www.seco.admin.ch
To learn more about TuranBank, visit www.turanbank.az