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Bishkek, Kyrgyz Republic, November 2, 2012—
IFC, a member of the World Bank Group, is partnering with the Bank of Asia in the Kyrgyz Republic to improve the bank’s corporate governance practices, thereby strengthening its operational efficiency and investment attractiveness.
The Bank of Asia is the first bank in the Kyrgyz Republic to receive IFC’s in-depth advisory services, which include assessing the bank’s governance system, then developing a plan to align it with local legislation and corporate governance best practices.
Good corporate governance in the banking sector protects all stakeholders’ interests and establishes proper levels of information disclosure. IFC will help revise corporate documents and implement recommendations to the structure and operations of the bank. IFC will also advise and train the bank’s directors, managers, and key shareholders.
“We are very much committed to improve corporate governance, which will help us enrich our bank’s operational efficiency and boost investor and client confidence,” said Taalaibek Djoumataev, CEO of Bank of Asia. “This process will also help us attract additional resources and expand our operations to increase access to finance, the foundation for economic growth.”
Sergii Tryputen, IFC Project Manager, said, “It is crucial for companies to have a sound system of corporate governance in place, especially in the banking sector that provides financial products and services for businesses. By improving corporate governance the bank will strengthen its operations and ensure long-term sustainability.”
IFC’s Central Asia Corporate Governance Project, implemented in partnership with the United Kingdom’s Department for International Development, helps local joint stock companies and banks strengthen their corporate governance practices to increase their ability to attract financing and manage risks.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
About Bank of Asia
The Bank of Asia is a closed joint-stock company, which was incorporated in the Kyrgyz Republic in 1998. The bank has a network of six branches throughout the Kyrgyz Republic. The bank significantly contributes to the development of the economy and the banking sector of the Kyrgyz Republic and has a big impact on the local banking system. For more information, visit
www.bankasia.kg
.
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