Global, regional and local financial sector trends, Approaches to debt restructuring, and IFRS banking updates topped the agenda in the 1st Ernst & Young Baku Banking Roundtable last Friday, January 21, 2011 at Hyatt International Center. The Roundtable was well received with the participation of more than 40 executives from 30 banks and financial institutions in Azerbaijan.
Ilgar Veliyev, E&Y Azerbaijan Managing Partner, warmly welcomed the participants and opened the event. Yhiza Pena, E&Y Azerbaijan Global Financial Service (GFS) partner, briefly updated the group of key themes and focuses of the fast changing global financial sector, providing an appropriate backdrop and setting for local issue discussions that followed. Andrew Sorokin, GFS Moscow assurance partner and industry operations leader, analyzed the pre-, during and post-economic crisis Trends and Changing Landscape of the Banking Sector in the CIS major economies; Mr. Rustam Sh. Tahirov, distinguished guest from the Banking Supervision Department of the Central Bank of the Republic of Azerbaijan, updated the executives on the local regulatory directions and current central bank policies; Alexander Yerofeyev, subject matter expert and E&Y CIS Head of Restructuring, discussed the Approaches to the Analysis of Troubled Borrowers and to Debt Restructuring, and Dmitry Weinstein, EY Partner Head of the CIS Financial Reporting Group, presented IFRS Banking Update and Implications.
"The debt restructuring session was very informative, and the practical issues surrounding recent banking IFRS developments were valuable." commented a banker. "The roundtable provided us with very useful information, updates and insights affecting the industry and the direction we are heading to enable us to re-assess our strategies and accordingly decide moving forward." added another. "We are already looking forward to E&Y's next banking roundtable."quipped the others.
The event was followed with a networking cocktails/dinner and a fun and activity-filled evening.
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In Azerbaijan, Ernst & Young opened its Baku office 16 years ago. It now has 5 partners and 120 staff serving various clients. As a commitment to our growing local GFS practice, we have a well experienced GFS partner based in Baku, leading our team of experienced professionals who specialize in the industry. Our Azerbaijan GFS practice provides services and solutions to the financial sector which help improve performance and gain competitive advantage, anticipating market trends and preparing for changes in advance.
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