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Azerdemiryolbank Supervisory Board meets

27 April 2009 12:12 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerdemiryolbankâ€™s Supervisory Board has met with the participation of representatives from its foreign shareholders â€“ I.Managadze from EBRD and D. Schneider from FMO.

The meeting approved the Management Boardâ€™s activities in 2008, financial plans for 2009, institutional development vision, particularly corporate governance, risk and liquidity management and marketing and IT activities.

According to financial reports, assets grew by 52.4%, loan portfolio by 63.6% and deposit portfolio by 61.5% in 2008.

Besides, a plan titled â€œActions Plan for Implementation if Financial Crisis Emergesâ€ was submitted to the Board of Directors.

Azerdemiryolbank is one of the few banks to develop precautionary plan.

The participants concluded that there is no reason for the bankâ€™s undergoing the crisis.

As of January 1, Azerdemiryolbankâ€™s assets stood at AZN 224.698 million, loan portfolio at AZN 168.592 million, deposit portfolio at AZN 49.497 million, total capital at AZN 37.398 million and authorized capital at AZN 13.4 million.
Azerdemiryolbank has been in operation since 1989. The European Bank for Reconstruction and Development (EBRD) holds a 25%+1 stake in the bank, leaving 10% to the Netherlands Development Finance Company (FMO), 10% to legal entities and the rest to about 850 individuals.