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Demirbank increases investments in institutional development

07 October 2011 10:58 (UTC +04:00)

Baku. ELnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Demirbank will spend 7 mln euros for improvement projects of own infrastructure, as well reconstruction of IT system in the bank, said the chairman of Board of Directors Roman Amirjanov.

According to him, IT infrastructure systems in all branches are expected to complete by the end of October: â€œNew SAP program also was applied in the bank within these works. First stage of this software was already completed. Second phase will start from October 20. Talks are held with KPMG or PricewaterhouseCoopersâ€ and international audit companies for application of second phase. The works on the first phase were completed by SportPoint Company.

Amirjanov noted that, there are financial control, risks management, regulation of client relations, management of credit and deposits and other modules in the new software: â€œThis program is a product of Germany and costs 1.360 mln euros. Annual support worth of the program requires 22% of worth (299,000 euros), installation â€“ 1.940 eurosâ€.

Totally, the expenses for purchase, installation and launch of software make 3.3 mln euros.

The application of SAP software will be completed in 20 months.

Remind that, Demirbank has been in operation since 1989. The bank operates 31 branches and departments across the country.