Fifth Pilot Company Selected for Azerbaijani Project on Development of Corporative Management
Azerbaijan, Baku / Trend corr I. Khalilova / The Azerbaijan Credit Bank was selected as the fifth pilot company for an Azerbaijani project on development of corporative management of the International Finance Corporation (IFC). The agreement in this connection was signed on 12 July between the Azerbaijan Credit Bank and the head of the project, Charles Canfield, and the Chairman of the Supervisory Board of the bank, Nazim Aliyev.
Under the memorandum, the Azerbaijan Credit Bank will participate in an expanded program. It will be provided with the services on evaluation of the experience on introduction of corporative management, with consultations on their improvement, with assistance in bringing the documents of the bank in correspondence with advanced experience, as well as development of more transparent and precise financial reports.
Canfield called it positive that Azerbaijan Credit Bank, which is still a very young bank, had shown such interest in improvement of its corporative management standards.
Since its establishment (December 2005), the administration of the credit bank has been taking part in the arrangements of IFC's Azerbaijani project on development of corporative management.