Azerbaijan, Baku / Trend corr I. Khalilova / Azerbaijan's state Kapital Bank will implement a stage-by-stage introduction of FlexCube software, which was provided by Indian I-flex company within the framework of the World Bank's credit, in its branches, the Director of IT Department of Kapital Bank, Ali Akhundov, reported on 4 September.
In accordance with the plan, 20 Baku and Absheron branches are to be linked to the system by the beginning of 2008. For the time being the system has been introduced only in the central office of the bank and in one of its Baku branches.
According to Akhundov, completion of the introduction of FlexCube throughout the bank depends on the number of client accounts. After implementation is completed in Absheron, large regions, such as Ganja, Khachmaz, Yevlakh, will be linked. A separate decision will be made in regards to the remote regions; where special a program will be possibly developed.
The cost of the contract with I-flex is $1.35mln, which will be used for purchase of the central body and 14 modules of FlexCube for servicing 1mln accounts. In stock-taking the number of accounts in Kapital Bank was 4-6mln. These numbers will likely increase after the system is in place in the entire bank.
The tender was held within the framework of WB's credit of 'Financial Sector Technical Assistance' (FSTA) for Azerbaijan. Some 800,000 SDR ($1.2mln) was allotted for technique for Kapital Bank.