Bank Standard to Keep Leading Position in Azerbaijan’s Private Sector
Azerbaijan, Baku, 23 January /corr Trend I.Khalilova / Azerbaijan's leading private Bank Standard announced plans for 2008, which will be directed towards the strengthening of the internal infrastructure, as well as the reconsideration of the banking policy and procedure, said Javid Guliyev, the First Deputy Chairman of the Bank's Board, on 23 January at a press-conference dedicated to the results of Bank's activities in 2007. This year the bank intends to decrease growth rate, i.e. the growth is not expected at 140-150% like 2006- 2007. In addition, the bank intends to keep the leading position as the private bank in Azerbaijan.
Last year, the market share of Bank Standard regarding: the assets increased from 7.1% to 9.7%, credit portfolio - from 6.6% to 9.1%, and the deposit - from 6.7% to 8.4%.
This year, the bank will complete application of a new progressing banking system 'T-24',
and bringing it in consistency with the local standards.
During the coming 1-2 months, Bank Standard plans to invite the foreign consultants for risk-management, especially for improving the system of managing the credit risks, Guliyev said.
This year a special attention will be paid to the development of retail-services, and work with the corporate clients. At present, the number of active accounts of the physical entities makes up 60,000 and legal entities and entrepreneurs - more than 3,000.
This year the bank intends to open nearly 12 new branches and departments, half of them in Baku and rest in Azerbaijan's districts of Zakatala, Guba, Mingachevir, Khirdalan, Ganja. In addition, the bank envisages the expansion of the card services. At present, the Bank had issued 20,000 debt and credit cards.
Due to the development plans, the bank intends to increase its authorized capital by 50%, up to AZN 70-75mln. Bank Standard's assets made up AZN 608.6mln -an increase of 141%, deposit portfolio - AZN 184.5mln (87%), credit - AZN 406.7mln (186%). Bank's net profit totaled AZN 13.5mln, as the 2007 results show.