Azerbaijan, Baku, Dec. 16 / Trend N.Ismayilova
The Central Bank of Azerbaijan's (CBA) certification for local bank branch heads has provided favorable results, CBA Credit Organizations Supervision Department Director Rashad Orujov said Dec. 15.
"The third group of branch managers is passing training and certification. The program has covered about 30 managers," Orujov said
"The CBA sees efficiency due to conducting such events as a result of the first two trainings," Orujov said. "We intend to continue this practice in the future in connection with the efficiency of the trainings, as well as expanding their coverage for other categories, such as internal audits."
The CBA together with the Azerbaijan Bank Training Center launched training programs to certify banks managers. The center launched training in late September. The program will run for 1.5 years.
The main objective of strengthening the CBA's control over bank branch activities is to improve financial discipline. As the branches do not have separate balance sheets, daily operating indexes are presented to the bank's head office online where consolidated balance sheet is compiled. An accountant is not required in the branches. Accordingly, the administrator is in charge of all financial transactions at the branch. As a result, the CBA believes it necessary to conduct certification to make sure managers are qualified in the banking system's.
Meanwhile, Azerbaijani banks continue expanding branch networks, which led to their growth by 16.9 percent in 2008, including by 6.98 percent in the second half of 2008 and by 8.1 percent in the first half of 2009.
As for Dec. 31, 2008, about 567 branches of 38 banks operating in the country were functioning, compared to 553 branches of 41 banks as of Oct. 1; 530 branches of 41 banks as for July 1; and 485 branches of 41 banks as for Jan.1. The total number of branches for 38 banks was 613 in the first half of 2009. After the third quarter the branch network had grown to 618.
One of the 46 operating banks is state-owned. The state bank has 38 subsidiaries and the remaining 45 commercial banks possess 575 branches. The commercial banks expanded their network by 50 branches through own efforts. The half-state International Bank of Azerbaijan increased its branches by one.
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