IBA upgrades banking solution
The International Bank of Azerbaijan, the country’s largest lender, has upgraded to new Oracle Flexcube Universal Banking Solution 12.0.3 in order to improve its efficiency.
This version of Oracle Flexcube platform is implemented in the leading financial institutions of the world, the Bank reported on January 7.
The upgrade is aimed to optimize business performance of the IBA according to the bank’s development strategy. This banking solution will improve operating speed, efficiency and quality of customer service.
The bank, 50.2 percent owned by the Azerbaijani Ministry of Finance, was founded in January 1992. The IBA’s reported a consolidated total asset base of 8.8 billion manat, aggregate capital of 1.008 billion manat, and a net profit of 64.5 million under audited IFRS as at year-end 2014
The IBA holds about a third of the assets and loans in the banking system. Its financial situation remained fragile for an extended period of time, despite receiving state support.
Azerbaijan's biggest bank will be privatized after undergoing a cleanup effort to get rid of distressed assets resulting from poor management, President Ilham Aliyev said in a decree on July 15, 2015.
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