Bishkek, Kyrgyz Republic, November 2,
2012—IFC, a member of the World Bank Group, is partnering with the
Bank of Asia in the Kyrgyz Republic to improve the bank’s corporate governance
practices, thereby strengthening its operational efficiency and investment
The Bank of Asia is the first bank in
the Kyrgyz Republic to receive IFC’s in-depth advisory services, which
include assessing the bank’s governance system, then developing a plan
to align it with local legislation and corporate governance best practices.
Good corporate governance in the banking
sector protects all stakeholders’ interests and establishes proper levels
of information disclosure. IFC will help revise corporate documents and
implement recommendations to the structure and operations of the bank.
IFC will also advise and train the bank’s directors, managers, and key
“We are very much committed to improve
corporate governance, which will help us enrich our bank’s operational
efficiency and boost investor and client confidence,” said Taalaibek Djoumataev,
CEO of Bank of Asia. “This process will also help us attract additional
resources and expand our operations to increase access to finance, the
foundation for economic growth.”
Sergii Tryputen, IFC Project Manager,
said, “It is crucial for companies to have a sound system of corporate
governance in place, especially in the banking sector that provides financial
products and services for businesses. By improving corporate governance
the bank will strengthen its operations and ensure long-term sustainability.”
IFC’s Central Asia Corporate Governance
Project, implemented in partnership with the United Kingdom’s Department
for International Development, helps local joint stock companies and banks
strengthen their corporate governance practices to increase their ability
to attract financing and manage risks.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
About Bank of Asia
The Bank of Asia is a closed joint-stock
company, which was incorporated in the Kyrgyz Republic in 1998. The bank
has a network of six branches throughout the Kyrgyz Republic. The bank
significantly contributes to the development of the economy and the banking
sector of the Kyrgyz Republic and has a big impact on the local banking
system. For more information, visit www.bankasia.kg.
To learn more about DFID, visit www.dfid.gov.uk.