Finance

Home page

Finance

Rabitabank improves corporate governance standard - PHOTO

Rabitabank improves corporate governance standard - <font color=red>PHOTO</font>

28 December 2010 11:57 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. On December 21st 2010 International Finance Corporation (IFC), a member of the World Bank Group, and Rabitabank signed the consultancy agreement to enhance corporate governance standards at the bank. IFC will assess the bankâ€™s corporate governance practices and develop tailored improvement plans to align them with international best practices.
â€œThis project is a timely initiative, as international financial institutions are becoming shareholders of Rabitabank. We are looking forward to this partnership to take the governance standards of the bank to the next level,â€ said Elchin Gadimov, Deputy Chairman of Rabitabank.
Note that, Project is expected to commence in January 2011 and continue throughout first part of 2011. IFC will advise and train directors, managers, and key shareholders of the institution. In addition, IFC will help revise corporate documents, improve board practices and information disclosure.
Rabitabank is a commercial bank operating in Azerbaijan since 1993. As of September 30, 2010, total assets of the bank amounted to USD 145 million while the total capital was USD 20 million. Rabitabank provides full range of financial services to its retail and corporate clients through a network of 20 branches including 15 in the regions of Azerbaijan and 6 in the city of Baku.