Baku, Azerbaijan, December 30, 2010
—IFC, a member of the World Bank Group, is helping Azerbaijan’s TuranBank to introduce best practices in risk management and thus boost lending to small and medium enterprises. TuranBank first joined IFC’s advisory program in 2009 to improve its corporate governance systems.
Work with TuranBank is part of IFC’s regional crisis-response program to strengthen the financial sector in Eastern Europe and Central Asia. TuranBank is the third bank in Azerbaijan to benefit from IFC’s Crisis Response Program, and its participation is supported by the Swiss Secretariat of Economic Affairs.
“This next stage in our collaboration with IFC is an important one for Turan Bank,” said Nazim Sadigov, Chairman of the Management Board of TuranBank. “With IFC’s global expertise and support we are developing best international practices in risk management that will enable us to boost lending to SMEs and create additional competitive benefits for our bank and our clients.”
One of the first commercial banks in Azerbaijan, TuranBank offers comprehensive banking services for retail and corporate clients, and has assets totaling $156 million, of which $125 million is loan portfolio.
“We are working with financial institutions across the region to strengthen their risk management capabilities, which can create new possibilities for local banks and have a positive impact on the banking sector in general,” said Garth Bedford, head of the IFC’s Crisis Response Program in Europe and Central Asia. “TuranBank is an excellent partner for us in this activity due to the soundness of the procedures and practices they already have in place along with their commitment to draw on IFCs experience to improve them further to meet international standards. This will further ensure a secure and sustainable financial institution for their clients.”
IFC’s Crisis Response Program in Europe and Central Asia was launched in 2009 in partnership with the Swiss and Austrian Governments. To date, the program has trained over 1,000 senior and middle-level banking professionals, disseminating best practices in risk management and distressed assets resolution. IFC experts also are working on legislation to help create a transparent and operational market for distressed assets to facilitate the post-crisis recovery in the region.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
About SECO
The Swiss State Secretariat for Economic Affairs (SECO) is the center of expertise for planning and implementing Switzerland’s economic and trade-policy measures in developing and transition countries worldwide. SECO's main aims are to integrate partner countries into the global economy and to promote the sustainable economic growth of these countries, thus contributing to poverty reduction. For more information, visit
www.seco.admin.ch
