Azerbaijan, Baku, Jan. 5 / Trend N.Ismayilova /
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, IFC reported.
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 (Seco).
"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.
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.