Azerbaijan’s ATRA Bank and Bankworld Inc. sign Memo of Understanding

Azerbaijan’s ATRA Bank and Bankworld Inc. sign Memo of Understanding
# 17 September 2008 16:00 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. The United States Agency for International Development (USAID) announced its Financial Sector Stability Program (FSSP), as implemented by Bankworld Inc., would provide technical advisory and training services to local Azerbaijan commercial banks.
As part of FSSP, Bankworld Inc. signed a Memorandum of Understanding (MOU) with ATRA Bank on September 17.
The MOU will support the bank’s development and strengthening of sustainable financial intermediation services to the small-to-medium enterprise (SME) sector.
The document was signed by Mr. Bharat Bhargava, Chairman and CEO of Bankworld Inc. and Mr. Elmikhan Nabiyev, Chairman of Management Board of ATRABank.
Bankworld Inc. will provide advisory and training services that incorporate international SME best practices in the delivery of financial intermediation services. These globally tested practices will address, credit officer training in assessing services and methodologies appropriate to the SME sector, effective portfolio quality, credit administration, and risk management practices, bank domestic deposit gathering, product development, and operational opportunities and management Information Systems (MIS) utilization in constructing effective financial reporting and analysis tools.
As of July 1, the bank’s assets stood at AZN 32.192 million, loan portfolio at AZN 23.755 million, deposit portfolio at AZN 4.121 million, total capital at AZN 11.412 million and authorized capital at AZN 10.425 million.
Atrabank has been in operation since 1992. The bank has 10 ATMs and 32 POS terminals.
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