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IFC picks up Turan Bank for Second Phase of Azerbaijan Corporate Governance Project

17 June 2009 15:27 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. IFC, a member of the World Bank Group, partnered with the Swiss Confederationâ€™s State Secretariat for Economic Affairs (SECO), has selected Turan Bank as the first bank for the Second Phase of Azerbaijan Corporate Governance Project.

IFC will work with banks and companies to further improve their corporate governance practices and minimize their portfolio risk.

Six pilot organizations will be selected for the project that will give priority to banks and joint stock companies.

The Azerbaijan Corporate Governance Project has been implemented by IFC with financial support from the State Secretariat for Economic Affairs of Switzerland (SECO since 2005. The second phase was launched in 2008 and CredAgro non-bank lending institution was chosen as the first pilot institution.

The three-year project builds on IFCâ€™s expertise in Central Asia, Eastern Europe, and the Caucasus. It is funded by SECO.

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFCâ€™s vision is that poor people should have the opportunity to escape poverty and improve their lives.

The State Secretariat for Economic Affairs is the Swiss Confederation’s competence center for all the core issues related to economic policy. Its aim is to create basic regulatory and economic policy conditions to enable business to flourish and benefit all.

Owned by 17 legal entities and 37 individuals, Turan Bank has been in operation since 1992.
As of April 1, its assets stood at AZN 80.563 million, deposit portfolio at AZN 20.982 million, loan book at AZN 64.69 million, total capital at AZN 18.803 million and authorized capital at AZN 17 million.
The bank operates 11 branches, 23 bureaus of exchange, 9 ATMs and 73 POS terminals.