OREANDA-NEWS. April 28, 2009. Azerdemiryolbank JSC held a meeting of its Supervisory Board on April 22. The foreign stakeholders were represented by I. Managadze from the European Bank for Reconstruction and Development and D. Sneider from the Dutch Financial Development Corporation. 

The meeting approved the activities of the bank’s Managerial Board in 2008 and considered the financial plan for 2009. The Supervisory Board approved the Managerial Board’s activities of 2008 that were represented by the increasing dynamics of the main financial indexes. They considered the bank’s activities in institutional development, especially in corporate governance, risk and liquidity management, and marketing and information technologies as well.

According to the report, the Supervisory Board’s members confirmed the fulfillment of the main financial indexes in accordance with the business plan of 2008. This included increase by 52.4% in the assets, increase in the loan portfolio by 63.6% and increase in the deposit portfolio by 61.5%.
It is especially important that all these indexes were achieved despite the global financial crisis.

The Action Plan for Financial Crisis thoroughly showing the ways out of the was submitted to the Board of Directors. It was also noted that no factors could cause the bank to face a crisis now. The document prepared in cooperation with the bank’s supporters and the Central Bank of Azerbaijan will presumably help the bank to increase its rating and receive more credits from abroad.

It should be also noted that Azerdemiryolbank is one of the first banks to prepare an action plan like this.
Being one of the first commercial banks of Azerbaijan, Azerdemiryol Bank was set up in 1989. Its shareholders include the European Bank for Reconstruction and Development and the Dutch Financial Development Company (FMO). The bank has 31 branches and sub-branches.