IFC helps AGBank to improve corporate governance
IFC, a member of the World Bank Group, is
contributing to the development of Azerbaijan`s banking sector by
helping Azerigazbank (AGBank) raise corporate governance procedures
to international standards and set a benchmark of good governance
for other local financial institutions.
After two years of collaboration with the IFC Corporate Governance Project, AGBank has raised its charter and by-laws to international standards of best practice and has significantly improved the composition and performance of its supervisory board. The bank is also making progress with internal audits and risk management functions and is establishing dividend and disclosure polices.
"For us, good corporate governance is not only a theory, it is an essential part of our growth," said Chingiz Asadullayev, AGBank Supervisory Chairman. "We are grateful to IFC for enabling us to considerably improve our corporate governance practices."
AGBank is a long-term partner of IFC. As a result of the strong commitment to improving its governance, the bank became Azerbaijan`s first locally owned financial institution to attract equity investment from IFC in 2006.
"We commend AGBank for its hard work and significant improvements," said Caroline Bright, Manager of IFC`s corporate governance advisory program in Azerbaijan. "We believe the bank will continue to be a leader in good corporate governance and hope that other Azerbaijani banks will follow in its footsteps."
In 2005, IFC launched the Corporate Governance Project to improve practices at Azerbaijani joint-stock companies and banks, helping them enhance operations and increase their ability to attract financing and investment. To date, the project has trained 360 JSCs and banks and enabled clients to attract about $18 million in investments due to improved practices. The project is supported with funds from the government of Switzerland`s State Secretariat for Economic Affairs.
After two years of collaboration with the IFC Corporate Governance Project, AGBank has raised its charter and by-laws to international standards of best practice and has significantly improved the composition and performance of its supervisory board. The bank is also making progress with internal audits and risk management functions and is establishing dividend and disclosure polices.
"For us, good corporate governance is not only a theory, it is an essential part of our growth," said Chingiz Asadullayev, AGBank Supervisory Chairman. "We are grateful to IFC for enabling us to considerably improve our corporate governance practices."
AGBank is a long-term partner of IFC. As a result of the strong commitment to improving its governance, the bank became Azerbaijan`s first locally owned financial institution to attract equity investment from IFC in 2006.
"We commend AGBank for its hard work and significant improvements," said Caroline Bright, Manager of IFC`s corporate governance advisory program in Azerbaijan. "We believe the bank will continue to be a leader in good corporate governance and hope that other Azerbaijani banks will follow in its footsteps."
In 2005, IFC launched the Corporate Governance Project to improve practices at Azerbaijani joint-stock companies and banks, helping them enhance operations and increase their ability to attract financing and investment. To date, the project has trained 360 JSCs and banks and enabled clients to attract about $18 million in investments due to improved practices. The project is supported with funds from the government of Switzerland`s State Secretariat for Economic Affairs.
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