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Amrahbank is successfully progressing with the major overhaul of its corporate governance in partnership with Azerbaijan Bank Training Centre (R)

23 April 2009 10:35 (UTC +04:00)

In October 2008 Amrahbank (the â€˜Bankâ€™) signed a 2 year consultancy agreement with Azerbaijan Bank Training Center (â€˜ABTCâ€™) on Corporate Governance. In this regard, the Bank has set up a special Strategic Plan Working Group (represented by the senior management of the Bank and ABTC) to lead and deal with this vital project. The foreign shareholder of Amrahbank â€“ International Investment Bank â€“ has also been providing assistance throughout the project in reviewing all the documents and providing valuable recommendations.

Amrahbank and ABTC commenced by carrying out a thorough and profound SWOT analysis of the Bank through various studies of the Bank, Azerbaijani economy and banking sector, questionnaire/interviews among customers and employees, etc. The results of the SWOT analysis were then used to prepare revised strategic plan, organisational structure, mission and vision of the Bank.

Upon completion and approval of the strategic plan, list of plans, projects and teams were designed in order to deal with the issues identified within the SWOT analysis as well as to devise revised internal rules, procedures and policies. The project covered most areas of the Bank and in particular Human Resources, Finance, Marketing and IT. The project is currently in its stage of implementing the operational plans and revising rules and policies.

Amrahbank is one of the oldest (est 1993) and leading commercial banks of Azerbaijan. It offers wide range of retail and corporate banking products such as deposits, loans, money transfers, documentary transactions, investment advisory and etc. Amrahbank is one of the most profitable banks of Azerbaijan (ie top 3 in terms of Return on Equity - 31 Dec 2008) and has one of the largest branch networks across different regions of Azerbaijan (top 8 in terms of branch network â€“ 31 dec 2008). The Bank is a member of various professional organisations such as Deposit Insurance Fund, Mortgage Fund, The National Business Assistance Fund, Azerbaijan Banks Association, and etc. Recent strategic partnership with International Investment Bank (through 49% shareholding), based in Bahrain, has played a key role in further developing many areas of Amrahbank such as corporate governance, international cooperation, array and quality of products & services, etc.