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Ganja Bank to Begin Expansion of Regional Network

Business Materials 30 August 2007 16:41 (UTC +04:00)

Azerbaijan, Baku / Trend corr. I.Khalilova / The introduction of standards of corporative management and institutional development of Ganja Bank, the one regional bank of Azerbaijan, was completed through the assistance of the Azerbaijani Bank of the Study Centre said Fuad Musayev, the Chairman of Ganja Bank.

Changes have been introduced in the Bank in all directions, financial accounting is being held in correspondence with international standards. Ganja Bank has cooperated with the International Financial Corporation to introduce standards of cooperative management.

The Bank made the decision to expand its regional network in compliance with its development strategy. Earlier the Bank was operating with one branch and department. However, the Bank has applied to the National Bank so that it may open a Baku department and two branches in Shamkir and Barda. The Bank is planning to open four additional branches in 2008.

Ganja Bank's assets for 1 July made up AZN 25mln and its credit portfolio totalled AZN 18mln. The Bank's income made up AZN 1mln for the first quarter of 2007.

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